Pinebridge Investments L.P. Lowers Stock Holdings in AutoZone, Inc. (NYSE:AZO)

Pinebridge Investments L.P. cut its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 14.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,362 shares of the company's stock after selling 234 shares during the quarter. Pinebridge Investments L.P.'s holdings in AutoZone were worth $4,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new position in AutoZone in the 4th quarter worth $29,000. Flagship Wealth Advisors LLC purchased a new position in shares of AutoZone in the fourth quarter worth about $32,000. Harbour Investments Inc. lifted its holdings in shares of AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company's stock worth $32,000 after purchasing an additional 3 shares during the period. Crews Bank & Trust purchased a new stake in AutoZone in the fourth quarter valued at approximately $61,000. Finally, McIlrath & Eck LLC increased its holdings in AutoZone by 25.0% in the 3rd quarter. McIlrath & Eck LLC now owns 20 shares of the company's stock worth $63,000 after buying an additional 4 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Richard Craig Smith sold 2,850 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $3,610.00, for a total value of $10,288,500.00. Following the transaction, the vice president now directly owns 2,924 shares in the company, valued at approximately $10,555,640. This represents a 49.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,575 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $3,600.00, for a total value of $5,670,000.00. Following the completion of the transaction, the vice president now owns 417 shares of the company's stock, valued at $1,501,200. The trade was a 79.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,521 shares of company stock valued at $42,177,331. Insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on AZO. The Goldman Sachs Group raised shares of AutoZone from a "sell" rating to a "neutral" rating and upped their price target for the company from $3,044.00 to $3,811.00 in a report on Tuesday, April 1st. Wells Fargo & Company lifted their price target on AutoZone from $3,750.00 to $3,850.00 and gave the company an "overweight" rating in a research report on Wednesday, March 5th. DA Davidson upgraded AutoZone from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $3,500.00 to $4,192.00 in a research report on Friday, March 21st. Raymond James reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, March 5th. Finally, Bank of America raised their price target on shares of AutoZone from $3,600.00 to $3,700.00 and gave the company a "neutral" rating in a research report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $3,724.00.

AutoZone Stock Performance

Shares of NYSE AZO traded up $86.44 during mid-day trading on Tuesday, reaching $3,704.35. The company's stock had a trading volume of 111,338 shares, compared to its average volume of 131,825. The stock has a market capitalization of $62.17 billion, a P/E ratio of 24.75, a P/E/G ratio of 1.86 and a beta of 0.54. AutoZone, Inc. has a 1-year low of $2,728.97 and a 1-year high of $3,916.81. The stock has a 50-day moving average of $3,595.74 and a two-hundred day moving average of $3,365.80.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing analysts' consensus estimates of $29.11 by ($0.82). The business had revenue of $3.95 billion during the quarter, compared to analysts' expectations of $3.98 billion. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. Analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

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.