National Asset Management Inc. acquired a new stake in AutoNation, Inc. (NYSE:AN) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 3,484 shares of the company’s stock, valued at approximately $331,000.
A number of other large investors have also made changes to their positions in the business. Envestnet Asset Management Inc. lifted its position in shares of AutoNation by 24.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 10,804 shares of the company’s stock valued at $1,007,000 after buying an additional 2,099 shares during the last quarter. Natixis Advisors L.P. purchased a new position in shares of AutoNation during the 1st quarter valued at $999,000. Alliancebernstein L.P. lifted its position in shares of AutoNation by 34.7% during the 1st quarter. Alliancebernstein L.P. now owns 175,520 shares of the company’s stock valued at $16,362,000 after buying an additional 45,174 shares during the last quarter. Arizona State Retirement System lifted its position in shares of AutoNation by 1.1% during the 1st quarter. Arizona State Retirement System now owns 16,625 shares of the company’s stock valued at $1,550,000 after buying an additional 185 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of AutoNation by 1.8% during the 1st quarter. Swiss National Bank now owns 130,500 shares of the company’s stock valued at $12,165,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 59.75% of the company’s stock.
Shares of AN opened at $123.82 on Friday. The stock’s 50-day simple moving average is $113.93 and its 200 day simple moving average is $102.68. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 0.35 and a beta of 1.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.34 and a current ratio of 0.92. AutoNation, Inc. has a 52-week low of $50.55 and a 52-week high of $128.00.
AutoNation declared that its Board of Directors has approved a stock repurchase plan on Monday, July 19th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
A number of research analysts have recently commented on AN shares. Truist upped their price target on AutoNation from $100.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, July 20th. Bank of America increased their price objective on AutoNation from $161.00 to $171.00 and gave the stock a “buy” rating in a report on Friday, July 16th. Finally, Morgan Stanley increased their price objective on AutoNation from $65.00 to $70.00 and gave the stock an “underweight” rating in a report on Monday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $107.67.
In other AutoNation news, CEO Michael J. Jackson sold 47,932 shares of the firm’s stock in a transaction dated Wednesday, July 28th. The stock was sold at an average price of $116.95, for a total value of $5,605,647.40. Following the sale, the chief executive officer now owns 163,217 shares of the company’s stock, valued at approximately $19,088,228.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Marc G. Cannon sold 500 shares of the firm’s stock in a transaction dated 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. In the last ninety days, insiders sold 181,437 shares of company stock worth $21,170,474. Insiders own 1.50% of the company’s stock.
AutoNation Company Profile
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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