abrdn plc decreased its stake in shares of AutoNation, Inc. (NYSE:AN) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,600 shares of the company’s stock after selling 581 shares during the quarter. abrdn plc’s holdings in AutoNation were worth $1,478,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. National Asset Management Inc. purchased a new position in AutoNation during the second quarter valued at $331,000. Mercer Global Advisors Inc. ADV raised its stake in AutoNation by 4.5% during the second quarter. Mercer Global Advisors Inc. ADV now owns 6,542 shares of the company’s stock valued at $620,000 after buying an additional 279 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of AutoNation by 6.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 8,325 shares of the company’s stock worth $789,000 after purchasing an additional 526 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of AutoNation by 389.3% in the second quarter. BNP Paribas Arbitrage SA now owns 87,286 shares of the company’s stock worth $8,276,000 after purchasing an additional 69,446 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of AutoNation by 125.1% in the second quarter. Van ECK Associates Corp now owns 646 shares of the company’s stock worth $61,000 after purchasing an additional 359 shares during the last quarter. Institutional investors and hedge funds own 59.75% of the company’s stock.
Several research firms have recently weighed in on AN. Morgan Stanley boosted their price target on AutoNation from $65.00 to $70.00 and gave the stock an “underweight” rating in a research note on Monday, July 26th. Truist upped their price objective on AutoNation from $100.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, July 20th. Finally, Bank of America upped their price objective on AutoNation from $161.00 to $171.00 and gave the company a “buy” rating in a research report on Friday, July 16th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $107.67.
AutoNation (NYSE:AN) last announced its quarterly earnings results on Sunday, July 18th. The company reported $4.83 EPS for the quarter, topping the consensus estimate of $2.81 by $2.02. The business had revenue of $6.98 billion for the quarter, compared to analysts’ expectations of $6.07 billion. AutoNation had a net margin of 3.98% and a return on equity of 33.01%. The business’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. Equities research analysts predict that AutoNation, Inc. will post 14.84 earnings per share for the current year.
AutoNation announced that its Board of Directors has authorized a share repurchase plan on Monday, July 19th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, COO James R. Bender sold 2,848 shares of the company’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $117.81, for a total transaction of $335,522.88. Following the transaction, the chief operating officer now directly owns 8,459 shares in the company, valued at approximately $996,554.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marc G. Cannon sold 924 shares of the stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $125.00, for a total value of $115,500.00. Following the completion of the sale, the executive vice president now owns 13,693 shares in the company, valued at $1,711,625. The disclosure for this sale can be found here. Insiders have sold a total of 181,437 shares of company stock valued at $21,170,474 over the last quarter. Corporate 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.
Read More: Find a Trading Strategy That Works
Receive News & Ratings for AutoNation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoNation and related companies with MarketBeat.com's FREE daily email newsletter.