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AutoZone, Inc.’s (AZO - Free Report) board of directors has authorized a share buyback worth $1 billion. This authorization is in addition to its current share repurchase program. Including this, the company’s board has approved $19.7 billion for buying back shares since 1998.
In second-quarter fiscal 2018, AutoZone reported earnings per share of $10.38, beating the Zacks Consensus Estimate of $8.81. Quarterly revenues rose 5.4% year over year to $2.41 billion. The top line also surpassed the Zacks Consensus Estimate. This continued strong financial performance and fine credit rating are permitting the company to repurchase stocks with an aim to boost shareholders’ confidence while maintaining enough liquidity at the same time.
Earlier, in March 2017, the company had increased its share repurchase authorization by $750 million. Prior to this, share buyback of the same amount was approved in March and September 2016.
In fiscal 2017, the company repurchased 1.5 million shares of its common stock for $1.07 billion. Further, in the second quarter of fiscal 2018, AutoZone repurchased 227,000 units of common shares worth $174.9 million and had $296 million left under its share repurchase authorization.
Price Performance
In the last six months, shares of AutoZone outperformed the industry it belongs to. During the period, the company’s stock gained 13.1% in comparison with the industry’s growth of 7.9%.
Tenneco has an expected long-term growth rate of 13.5%. The stock has seen the Zacks Consensus Estimate for annual earnings being revised 0.9% upward over the last 30 days.
Volvo has an expected long-term growth rate of 15%. Shares of the company gained 29.9% in a year.
Toyota has an expected long-term growth rate of 6.1%. Over a year, shares of the company gained 16.6%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
AutoZone (AZO) Announces $1B Share Repurchase Authorization
AutoZone, Inc.’s (AZO - Free Report) board of directors has authorized a share buyback worth $1 billion. This authorization is in addition to its current share repurchase program. Including this, the company’s board has approved $19.7 billion for buying back shares since 1998.
In second-quarter fiscal 2018, AutoZone reported earnings per share of $10.38, beating the Zacks Consensus Estimate of $8.81. Quarterly revenues rose 5.4% year over year to $2.41 billion. The top line also surpassed the Zacks Consensus Estimate. This continued strong financial performance and fine credit rating are permitting the company to repurchase stocks with an aim to boost shareholders’ confidence while maintaining enough liquidity at the same time.
Earlier, in March 2017, the company had increased its share repurchase authorization by $750 million. Prior to this, share buyback of the same amount was approved in March and September 2016.
AutoZone, Inc. Price and Consensus
AutoZone, Inc. Price and Consensus | AutoZone, Inc. Quote
In fiscal 2017, the company repurchased 1.5 million shares of its common stock for $1.07 billion. Further, in the second quarter of fiscal 2018, AutoZone repurchased 227,000 units of common shares worth $174.9 million and had $296 million left under its share repurchase authorization.
Price Performance
In the last six months, shares of AutoZone outperformed the industry it belongs to. During the period, the company’s stock gained 13.1% in comparison with the industry’s growth of 7.9%.
Zacks Rank & Key Picks
AutoZone carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Tenneco Inc. (TEN - Free Report) , AB Volvo (VLVLY - Free Report) and Toyota Motor Corporation (TM - Free Report) . LKQ Corp and Volvo carry a Zacks Rank #2 (Buy), while Toyota sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Tenneco has an expected long-term growth rate of 13.5%. The stock has seen the Zacks Consensus Estimate for annual earnings being revised 0.9% upward over the last 30 days.
Volvo has an expected long-term growth rate of 15%. Shares of the company gained 29.9% in a year.
Toyota has an expected long-term growth rate of 6.1%. Over a year, shares of the company gained 16.6%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>