Wedge Capital Management L L P NC Takes Position in AutoNation, Inc. $AN

Wedge Capital Management L L P NC bought a new position in shares of AutoNation, Inc. (NYSE:AN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 158,161 shares of the company’s stock, valued at approximately $34,601,000. Wedge Capital Management L L P NC owned approximately 0.42% of AutoNation at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Paradigm Asset Management Co. LLC acquired a new position in shares of AutoNation during the second quarter worth $1,251,000. Allworth Financial LP raised its holdings in shares of AutoNation by 873.3% in the 2nd quarter. Allworth Financial LP now owns 4,886 shares of the company’s stock worth $971,000 after acquiring an additional 4,384 shares during the last quarter. Aaron Wealth Advisors LLC bought a new stake in AutoNation during the third quarter worth $1,401,000. 111 Capital purchased a new position in shares of AutoNation in the 2nd quarter worth approximately $208,000. Finally, Voya Investment Management LLC increased its holdings in AutoNation by 2.9% during the first quarter. Voya Investment Management LLC now owns 3,176 shares of the company’s stock worth $514,000 after buying an additional 89 shares during the last quarter. 94.62% of the stock is currently owned by institutional investors.

AutoNation Trading Up 3.4%

AutoNation stock opened at $209.29 on Friday. The company has a quick ratio of 0.20, a current ratio of 0.79 and a debt-to-equity ratio of 1.93. AutoNation, Inc. has a 52-week low of $148.33 and a 52-week high of $228.92. The company has a market cap of $7.63 billion, a P/E ratio of 12.31, a P/E/G ratio of 0.96 and a beta of 0.89. The business has a 50-day simple moving average of $205.99 and a two-hundred day simple moving average of $207.35.

AutoNation (NYSE:AN) last released its earnings results on Thursday, October 23rd. The company reported $5.01 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.16. AutoNation had a net margin of 2.38% and a return on equity of 31.84%. The company had revenue of $7.04 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the business earned $4.02 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Analysts predict that AutoNation, Inc. will post 18.15 EPS for the current year.

AutoNation announced that its board has initiated a stock buyback program on Friday, October 31st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

AN has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price target on shares of AutoNation from $230.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Wells Fargo & Company lowered their price target on AutoNation from $221.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 15th. Citigroup increased their target price on shares of AutoNation from $265.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Morgan Stanley boosted their price objective on AutoNation from $225.00 to $233.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. Finally, Wall Street Zen downgraded AutoNation from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.00.

AutoNation Profile

AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.

Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.