AutoZone, Inc. (NYSE:AZO) Sees Significant Drop in Short Interest

AutoZone, Inc. (NYSE:AZO) was the target of a significant decrease in short interest in May. As of May 31st, there was short interest totalling 452,500 shares, a decrease of 5.6% from the May 15th total of 479,400 shares. Based on an average daily trading volume, of 145,900 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.7% of the shares of the stock are short sold.

AutoZone Price Performance

Shares of NYSE AZO opened at $2,943.82 on Tuesday. The business has a 50-day moving average of $2,895.05 and a two-hundred day moving average of $2,846.15. The company has a market capitalization of $50.28 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth ratio of 1.42 and a beta of 0.71. AutoZone has a 1 year low of $2,375.35 and a 1 year high of $3,256.37.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share for the quarter, topping the consensus estimate of $35.67 by $1.02. The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $34.12 earnings per share. As a group, equities research analysts expect that AutoZone will post 151.57 earnings per share for the current year.

Insider Transactions at AutoZone

In other AutoZone news, VP Jenna M. Bedsole bought 36 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were acquired at an average cost of $2,757.10 per share, with a total value of $99,255.60. Following the purchase, the vice president now directly owns 36 shares of the company’s stock, valued at approximately $99,255.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Jenna M. Bedsole bought 36 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $2,757.10 per share, for a total transaction of $99,255.60. Following the acquisition, the vice president now directly owns 36 shares of the company’s stock, valued at approximately $99,255.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the completion of the transaction, the chairman now owns 15,357 shares of the company’s stock, valued at $48,992,208.54. The disclosure for this sale can be found here. Insiders sold 12,990 shares of company stock valued at $41,341,913 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of AZO. Rock Creek Group LP acquired a new position in AutoZone in the third quarter valued at $25,000. Rise Advisors LLC purchased a new position in AutoZone during the 1st quarter worth approximately $32,000. Riverview Trust Co acquired a new position in AutoZone during the first quarter worth approximately $41,000. Turtle Creek Wealth Advisors LLC purchased a new stake in AutoZone in the fourth quarter valued at approximately $54,000. Finally, Private Wealth Management Group LLC acquired a new stake in shares of AutoZone in the fourth quarter valued at approximately $54,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AZO. Wolfe Research reduced their price target on shares of AutoZone from $3,150.00 to $3,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 22nd. StockNews.com cut AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. Citigroup dropped their price objective on AutoZone from $3,420.00 to $3,250.00 and set a “buy” rating for the company in a research note on Wednesday, May 22nd. Wedbush decreased their target price on AutoZone from $3,400.00 to $3,200.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 22nd. Finally, Truist Financial lowered their target price on AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3,104.13.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.