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In the latest trading session, AutoZone (AZO) closed at $3,078.31, marking a -0.73% move from the previous day. This change lagged the S&P 500's 0.03% gain on the day. On the other hand, the Dow registered a loss of 0.04%, and the technology-centric Nasdaq increased by 0.2%.
The auto parts retailer's stock has dropped by 2.24% in the past month, falling short of the Retail-Wholesale sector's gain of 4.37% and the S&P 500's gain of 1.54%.
Analysts and investors alike will be keeping a close eye on the performance of AutoZone in its upcoming earnings disclosure. The company's earnings report is set to go public on September 24, 2024. The company's earnings per share (EPS) are projected to be $53.61, reflecting a 15.39% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.2 billion, up 9.03% from the year-ago period.
It's also important for investors to be aware of any recent modifications to analyst estimates for AutoZone. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. AutoZone is currently a Zacks Rank #4 (Sell).
Looking at valuation, AutoZone is presently trading at a Forward P/E ratio of 18.96. For comparison, its industry has an average Forward P/E of 22.71, which means AutoZone is trading at a discount to the group.
Investors should also note that AZO has a PEG ratio of 1.44 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Automotive - Retail and Wholesale - Parts industry stood at 1.53 at the close of the market yesterday.
The Automotive - Retail and Wholesale - Parts industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 226, putting it in the bottom 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
AutoZone (AZO) ended the recent trading session at $3,101.04, demonstrating a -0.71% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.13%. At the same time, the Dow added 0.55%, and the tech-heavy Nasdaq lost 0.52%.
Shares of the auto parts retailer witnessed a loss of 2.79% over the previous month, trailing the performance of the Retail-Wholesale sector with its gain of 8.29% and the S&P 500's gain of 3.67%.
Market participants will be closely following the financial results of AutoZone in its upcoming release. The company plans to announce its earnings on September 24, 2024. It is anticipated that the company will report an EPS of $53.61, marking a 15.39% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.2 billion, indicating a 9.03% increase compared to the same quarter of the previous year.
Investors should also pay attention to any latest changes in analyst estimates for AutoZone. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. AutoZone currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, AutoZone is holding a Forward P/E ratio of 19.1. This valuation marks a discount compared to its industry's average Forward P/E of 22.74.
We can also see that AZO currently has a PEG ratio of 1.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Automotive - Retail and Wholesale - Parts stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.
The Automotive - Retail and Wholesale - Parts industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 226, placing it within the bottom 11% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
STOCK HAD FALLEN EARLY IN THE SESSION
Today, TradePulse’s latest Power Inflow alert indicated institutional volume is coming into AutoZone Inc. , signaling a shift from net selling to buying. This shift is a key indicator of rising investor confidence and the potential for an uptrend in AZO’s stock.
Understanding Power Inflow:
A Power Inflow is identified by a surge in buy orders over sell orders, typically occurring within the first one or two hours after the market opens. This phenomenon is observed in ten to twenty stocks daily, reflecting the initial strategies and reactions of large institutional investors. Analyzing the size, timing, and price of these transactions helps signal shifts in market sentiment and potential price changes. For those interested in monitoring more stocks exhibiting Power Inflows, visiting the TradePulse website provides comprehensive insights and updates on daily occurrences.
Importance of Power Inflow:
Power Inflows are crucial as they offer early indications of potential uptrends, enabling traders to act even before the market fully adjusts. Such a change is commonly viewed as a sign of larger inflows than retail is capable of producing, indicating institutional interest and a short-term uptrend in the stock. Although not always marking the lowest point, stocks tend to rise following a Power Inflow. This makes these signals especially valuable for identifying strategic entry points and planning short-term investments, as they provide an opportunity to capitalize on upward momentum ahead of wider market recognition.
Strategic Actions Following a Power Inflow:
After detecting a Power Inflow, traders should view it as a potential entry buying point but also confirm the trend with TradePulse's additional indicators such as Momentum, Daily, and Large Deal flows to ensure its strength and viability. Prompt action, combined with strategic stop-loss settings, can maximize returns and minimize risks. This comprehensive approach allows traders to make more informed decisions, optimizing their trading strategies in alignment with real-time market dynamics.
If you want to stay updated on the latest options trades for Autozone Inc., Benzinga Pro gives you real-time options trade alerts. Market News and Data are brought to you by Benzinga APIs and include firms, like Finit USA, responsible for parts of the data within this article.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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