Envestnet Asset Management Inc. grew its stake in AutoNation, Inc. (NYSE:AN) by 7.0% during the second quarter, Holdings Channel.com reports. The fund owned 11,558 shares of the company’s stock after purchasing an additional 754 shares during the quarter. Envestnet Asset Management Inc.’s holdings in AutoNation were worth $1,096,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. McIlrath & Eck LLC boosted its stake in shares of AutoNation by 20.1% during the first quarter. McIlrath & Eck LLC now owns 752 shares of the company’s stock valued at $70,000 after purchasing an additional 126 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its stake in shares of AutoNation by 14.8% during the first quarter. Harvest Fund Management Co. Ltd now owns 1,338 shares of the company’s stock valued at $124,000 after purchasing an additional 173 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of AutoNation by 1.1% during the first quarter. Arizona State Retirement System now owns 16,625 shares of the company’s stock valued at $1,550,000 after purchasing an additional 185 shares in the last quarter. Logan Capital Management Inc. bought a new position in shares of AutoNation during the first quarter valued at approximately $26,000. Finally, Eaton Vance Management boosted its stake in shares of AutoNation by 0.9% during the first quarter. Eaton Vance Management now owns 31,244 shares of the company’s stock valued at $2,913,000 after purchasing an additional 286 shares in the last quarter. Institutional investors and hedge funds own 59.75% of the company’s stock.
Shares of AN stock opened at $122.25 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.92 and a quick ratio of 0.34. The firm’s 50-day moving average is $113.56 and its two-hundred day moving average is $102.54. AutoNation, Inc. has a 12 month low of $50.55 and a 12 month high of $128.00. The company has a market capitalization of $8.75 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 0.35 and a beta of 1.60.
AutoNation declared that its board has approved a stock repurchase program on Monday, July 19th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is 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 shares were sold at an average price of $116.95, for a total value of $5,605,647.40. Following the completion of the transaction, the chief executive officer now owns 163,217 shares in the company, valued at $19,088,228.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Jackson sold 100,000 shares of AutoNation stock in a transaction that occurred on Thursday, July 22nd. The shares were sold at an average price of $116.55, for a total transaction of $11,655,000.00. The disclosure for this sale can be found here. Insiders sold a total of 181,437 shares of company stock worth $21,170,474 over the last three months. Insiders own 1.50% of the company’s stock.
AN has been the topic of a number of recent research reports. Morgan Stanley increased their price objective on shares of AutoNation from $65.00 to $70.00 and gave the company an “underweight” rating in a research note on Monday, July 26th. Bank of America increased their target price on shares of AutoNation from $161.00 to $171.00 and gave the company a “buy” rating in a research report on Friday, July 16th. Finally, Truist raised their price target on shares of AutoNation from $100.00 to $110.00 and gave the stock a “hold” rating in a report on Tuesday, July 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, AutoNation presently has an average rating of “Hold” and an average price target of $107.67.
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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