Renaissance Group Lowers stake in AutoZone (AZO)

AutoZone (AZO) : Renaissance Group reduced its stake in AutoZone by 5.76% during the most recent quarter end. The investment management company now holds a total of 43,910 shares of AutoZone which is valued at $34,083,381 after selling 2,682 shares in AutoZone , the firm said in a disclosure report filed with the SEC on May 3, 2016.AutoZone makes up approximately 1.41% of Renaissance Group’s portfolio.

Other Hedge Funds, Including , Cypress Asset Management Inctx boosted its stake in AZO in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 890 shares of AutoZone which is valued at $690,827. AutoZone makes up approx 0.14% of Cypress Asset Management Inctx’s portfolio. Candriam Luxembourg S.c.a. added AZO to its portfolio by purchasing 5,625 company shares during the most recent quarter which is valued at $4,304,419. AutoZone makes up approx 0.11% of Candriam Luxembourg S.c.a.’s portfolio.

AutoZone opened for trading at $784.72 and hit $790.42 on the upside on Tuesday, eventually ending the session at $788.8, with a gain of 0.65% or 5.08 points. The heightened volatility saw the trading volume jump to 1,96,360 shares. Company has a market cap of $23,553 M.

On the company’s financial health, AutoZone reported $7.43 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Mar 1, 2016. Analyst had a consensus of $7.29. The company had revenue of $2257.20 million for the quarter, compared to analysts expectations of $2258.94 million. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.51 EPS.

Many Wall Street Analysts have commented on AutoZone. Gabelli & Co Resumed AutoZone on Apr 15, 2016 to “Buy”, Price Target of the shares are set at $935.Barclays Initiated AutoZone on Mar 31, 2016 to “Overweight”, Price Target of the shares are set at $870.Company shares were Reiterated by Wedbush on Mar 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 870 from a previous price target of $800 .

AutoZone Inc. (AutoZone) is a retailer and a distributor of automotive replacement parts and accessories in the United States. The Company’s segments include Auto Parts Stores and Other. The Company’s Auto Parts Stores segment includes Domestic Auto Parts Mexico Brazil and Interamerican Motor Corporation (IMC). The Company’s Other segment includes business activities of ALLDATA E-commerce and AutoAnything. The ALLDATA produces sells and maintains diagnostic and repair information software used in the automotive repair industry. The e-commerce includes direct sales to customers through The AutoAnything includes direct sales to customers through The Company operates approximately 5069 AutoZone stores in the United States including stores in Puerto Rico Mexico Brazil and IMC branches. IMC branches carry a line of original equipment import replacement parts.

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