Morse Asset Management Inc Takes $3.04 Million Position in AutoZone, Inc. (NYSE:AZO)
Morse Asset Management Inc acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,769 shares of the company’s stock, valued at approximately $3,044,000. AutoZone accounts for about 0.9% of Morse Asset Management Inc’s investment portfolio, making the stock its 29th biggest holding.
Several other large investors also recently added to or reduced their stakes in AZO. Meridian Wealth Management LLC purchased a new position in AutoZone during the first quarter valued at $26,000. Legacy Bridge LLC bought a new stake in AutoZone in the 1st quarter worth about $38,000. Berman Capital Advisors LLC increased its holdings in AutoZone by 30.3% in the 1st quarter. Berman Capital Advisors LLC now owns 43 shares of the company’s stock worth $44,000 after buying an additional 10 shares in the last quarter. Advantage Investment Management LLC increased its holdings in AutoZone by 46.4% in the 2nd quarter. Advantage Investment Management LLC now owns 41 shares of the company’s stock worth $45,000 after buying an additional 13 shares in the last quarter. Finally, Private Capital Group LLC increased its holdings in AutoZone by 252.4% in the 1st quarter. Private Capital Group LLC now owns 74 shares of the company’s stock worth $76,000 after buying an additional 53 shares in the last quarter. 95.92% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on AZO. CIBC raised AutoZone from a “market perform” rating to an “outperform” rating in a research report on Friday, June 28th. Credit Suisse Group set a $1,131.00 price objective on AutoZone and gave the company a “positive” rating in a research report on Tuesday, April 23rd. They noted that the move was a valuation call. JPMorgan Chase & Co. lifted their price objective on AutoZone from $995.00 to $1,126.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Zacks Investment Research raised AutoZone from a “hold” rating to a “buy” rating and set a $1,156.00 price objective on the stock in a research report on Friday, June 7th. Finally, Goldman Sachs Group assumed coverage on AutoZone in a research report on Thursday, July 11th. They set a “neutral” rating and a $1,183.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $1,061.25.
AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, May 21st. The company reported $15.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $15.23 by $0.76. AutoZone had a negative return on equity of 97.19% and a net margin of 12.70%. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the company posted $13.42 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. Analysts anticipate that AutoZone, Inc. will post 62.51 EPS for the current fiscal year.
In other news, insider Domingo Hurtado sold 1,050 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $1,132.52, for a total transaction of $1,189,146.00. Following the transaction, the insider now owns 1,050 shares of the company’s stock, valued at approximately $1,189,146. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Earl G. Graves, Jr. sold 250 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $1,021.86, for a total value of $255,465.00. Following the transaction, the director now directly owns 4,357 shares in the company, valued at approximately $4,452,244.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,907 shares of company stock worth $35,293,228. Corporate insiders own 2.80% of the company’s stock.
AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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