Cambria Investment Management L.P. boosted its stake in shares of AutoNation, Inc. (NYSE:AN) by 16.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,623 shares of the company’s stock after purchasing an additional 4,522 shares during the quarter. Cambria Investment Management L.P.’s holdings in AutoNation were worth $3,093,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in AutoNation by 8.6% in the first quarter. BlackRock Inc. now owns 5,211,296 shares of the company’s stock valued at $485,796,000 after purchasing an additional 413,090 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in AutoNation by 23.3% in the first quarter. JPMorgan Chase & Co. now owns 1,042,039 shares of the company’s stock valued at $97,138,000 after acquiring an additional 197,020 shares during the last quarter. Geode Capital Management LLC raised its position in shares of AutoNation by 2.1% during the first quarter. Geode Capital Management LLC now owns 956,942 shares of the company’s stock worth $89,206,000 after purchasing an additional 19,584 shares during the period. Arrowstreet Capital Limited Partnership raised its position in AutoNation by 5.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 846,638 shares of the company’s stock valued at $78,924,000 after buying an additional 45,929 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in AutoNation by 2.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 580,292 shares of the company’s stock valued at $54,095,000 after purchasing an additional 11,375 shares during the period. 59.75% of the stock is owned by institutional investors.
Shares of AN stock traded down $1.85 during trading hours on Tuesday, reaching $122.56. The company’s stock had a trading volume of 84,445 shares, compared to its average volume of 936,591. The stock has a market capitalization of $8.77 billion, a P/E ratio of 10.86, a P/E/G ratio of 0.35 and a beta of 1.60. AutoNation, Inc. has a one year low of $51.32 and a one year high of $128.00. The firm’s fifty day simple moving average is $114.72 and its 200 day simple moving average is $103.42. The company has a current ratio of 0.92, a quick ratio of 0.34 and a debt-to-equity ratio of 0.63.
AutoNation declared that its board has authorized a stock buyback program on Monday, July 19th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, CEO Michael J. Jackson sold 47,932 shares of AutoNation stock in a transaction that occurred on Wednesday, July 28th. The stock was sold at an average price of $116.95, for a total transaction of $5,605,647.40. Following the sale, the chief executive officer now directly owns 163,217 shares in the company, valued at $19,088,228.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Marc G. Cannon sold 500 shares of AutoNation stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $121.15, for a total value of $60,575.00. The disclosure for this sale can be found here. Insiders have sold 181,437 shares of company stock worth $21,170,474 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.
Several analysts have weighed in on AN shares. Truist raised their price target on AutoNation from $100.00 to $110.00 and gave the company a “hold” rating in a report on Tuesday, July 20th. Bank of America raised their price target on AutoNation from $161.00 to $171.00 and gave the stock a “buy” rating in a research report on Friday, July 16th. Finally, Morgan Stanley raised their price target on AutoNation from $65.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday, July 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $107.67.
AutoNation, Inc engages in the provision of automotive products and services. It operates through the following segments: Domestic, Import, Premium Luxury, and Corporate & Other. The Domestic segment comprises retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and Chrysler.
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