DOW JONES NEWSWIRES Hedge fund billionaire Edward Lampert reduced his stake in auto-parts retailer AutoZone Inc. (AZO), again paring back a long-favored investment. Lampert, who also serves as chairman of Sears Holding Corp. (SHLD), cut his stake in AutoZone to 6.2% from the 8.3% position reported at the end of March, according to a filing with the Securities and Exchange Commission. The executive, who held a 23% stake in AutoZone as recently as December, has been steadily cashing out his position in the high-flying stock in recent months. Lampert has been a major investor in AutoZone since 1999, when the stock traded in the $30 range. Lampert hasn't said why he's scaled back the investment, and neither he nor a representative from AutoZone was immediately available for comment Thursday. AutoZone has posted higher results of late as new stores in the U.S. and Mexico have improved its market share and its commercial business grows. The company's revenue growth have also beat analyst expectations in recent quarters as cost-conscious consumers maintain their vehicles longer to buffer high gas prices and unemployment levels. Shares closed Wednesday at $377.05 and were inactive in premarket trade. The stock has nearly tripled in the last two and a half years. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com
