AutoZone, Inc. (NYSE:AZO) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 19.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,034 shares of the company's stock after selling 249 shares during the quarter. Fred Alger Management LLC's holdings in AutoZone were worth $3,257,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC grew its stake in AutoZone by 354,692.5% in the third quarter. International Assets Investment Management LLC now owns 993,419 shares of the company's stock worth $31,293,100,000 after purchasing an additional 993,139 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of AutoZone by 137.6% during the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company's stock worth $918,998,000 after acquiring an additional 179,543 shares during the last quarter. Legal & General Group Plc increased its holdings in AutoZone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 150,698 shares of the company's stock worth $446,684,000 after purchasing an additional 3,382 shares during the period. Strategic Financial Concepts LLC acquired a new position in AutoZone during the 2nd quarter valued at about $424,000. Finally, Baillie Gifford & Co. raised its stake in AutoZone by 2,714.8% in the 2nd quarter. Baillie Gifford & Co. now owns 120,194 shares of the company's stock worth $356,267,000 after acquiring an additional 115,924 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Performance

AZO traded down $20.56 during trading on Friday, reaching $3,169.54. The company had a trading volume of 93,213 shares, compared to its average volume of 135,213. The company has a market cap of $53.58 billion, a price-to-earnings ratio of 21.17, a PEG ratio of 1.60 and a beta of 0.71. The firm's 50-day simple moving average is $3,121.25 and its 200 day simple moving average is $3,037.24. AutoZone, Inc. has a 12-month low of $2,510.00 and a 12-month high of $3,256.37.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. The company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter last year, the business posted $46.46 EPS. AutoZone's quarterly revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts expect that AutoZone, Inc. will post 158.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AZO. StockNews.com lowered AutoZone from a "buy" rating to a "hold" rating in a research report on Saturday, September 21st. Guggenheim raised their target price on shares of AutoZone from $3,225.00 to $3,350.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. DA Davidson reaffirmed a "neutral" rating and set a $3,025.00 price target on shares of AutoZone in a research note on Monday, September 30th. Wedbush reiterated an "outperform" rating and issued a $3,200.00 price objective on shares of AutoZone in a research report on Thursday, September 19th. Finally, Roth Capital raised shares of AutoZone to a "strong-buy" rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $3,202.71.

Insiders Place Their Bets

In related news, VP John Scott Murphy sold 1,580 shares of the business's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the transaction, the vice president now owns 1,218 shares in the company, valued at $3,785,166.42. The trade was a 56.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman William C. Rhodes III sold 300 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $3,075.20, for a total value of $922,560.00. Following the completion of the transaction, the chairman now directly owns 13,857 shares in the company, valued at $42,613,046.40. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,880 shares of company stock worth $46,225,660. Corporate insiders own 2.10% of the company's stock.

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.