Steady Eddie auto parts retailer AutoZone keeps on growing through bull markets and bears. On Wednesday, AutoZone stock zoomed past a major milestone as its Relative Strength Rating jumped from 80 the day before to 84.
The upgraded 84 RS Rating means AutoZone stock beats out 84% of all stocks for price performance over the past year. Stocks that go on to make the biggest gains typically have an RS Rating north of 80 as they launch their biggest price moves.
AutoZone Stock Up 10 Of Last 11 Trading Sessions
AutoZone traded at 89 a share in January 2009, shortly after it went public. By March 2020, as the market was about to emerge from the Covid market crash, it traded for 410.44. On Wednesday AutoZone closed at 2,652.85, up fractionally. It was its eighth higher close in a row, and its 10th higher close of the last 11 trading sessions.
It's rapidly approaching its all-time high 2.750 set on May 10. Memphis-based AutoZone operates 6,168 auto parts and services retail stores in the U.S., Mexico, Puerto Rico and Brazil.
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AutoZone stock also has a 78 Composite Rating and a top-notch 96 Earnings Per Share Rating, out of 99. Its C Accumulation/Distribution Rating, on an A+ to E scale, shows that about as many big funds are buying its stock as selling.
Meanwhile, the number of funds holding AutoZone shares rose from 2,393 in the December 2022-ended quarter to 2,430 in September.
$22 Billion Run Rate
AutoZone posted 15% earnings growth in its most recent report, to $46.46 per share. Sales grew 6% to $5.69 billion. The company is expected to report its latest results on or around Dec. 5.
AutoZone stock earns the No. 3 rank among its peers in the Retail/Wholesale-Auto industry group, according to IBD Stock Checkup. Copart and O'Reilly Automotive are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength vs. other stocks.
Investor's Business Daily make that easy with its proprietary Relative Strength Rating. The RS Rating tracks technical performance by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
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