National Asset Management Inc. Acquires Shares of 3,484 AutoNation, Inc. (NYSE:AN)

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 (NYSE:AN) last released its quarterly earnings results on Sunday, July 18th. The company reported $4.83 earnings per share for the quarter, beating the consensus estimate of $2.81 by $2.02. AutoNation had a return on equity of 33.01% and a net margin of 3.98%. The firm had revenue of $6.98 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same quarter last year, the firm posted $1.41 EPS. The company’s revenue was up 53.9% compared to the same quarter last year. On average, research analysts forecast that AutoNation, Inc. will post 14.84 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for AutoNation (NYSE:AN)

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