Heritage Wealth Management LLC Raises Stock Holdings in AutoNation, Inc. (NYSE:AN)

Heritage Wealth Management LLC raised its position in shares of AutoNation, Inc. (NYSE:AN) by 89.2% during the 2nd quarter, Holdings Channel reports. The fund owned 350 shares of the company’s stock after purchasing an additional 165 shares during the period. Heritage Wealth Management LLC’s holdings in AutoNation were worth $33,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Logan Capital Management Inc. purchased a new stake in shares of AutoNation during the 1st quarter worth approximately $26,000. Van ECK Associates Corp purchased a new stake in AutoNation during the 1st quarter valued at $27,000. DekaBank Deutsche Girozentrale purchased a new stake in AutoNation during the 2nd quarter valued at $37,000. McIlrath & Eck LLC raised its holdings in AutoNation by 20.1% during the 1st quarter. McIlrath & Eck LLC now owns 752 shares of the company’s stock valued at $70,000 after buying an additional 126 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in AutoNation by 8,472.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 943 shares of the company’s stock valued at $89,000 after buying an additional 932 shares during the period. 59.75% of the stock is currently owned by institutional investors and hedge funds.

AN stock opened at $123.82 on Friday. AutoNation, Inc. has a twelve month low of $50.55 and a twelve month high of $128.00. The company has a quick ratio of 0.34, a current ratio of 0.92 and a debt-to-equity ratio of 0.63. The business’s fifty day simple moving average is $114.36 and its two-hundred day simple moving average is $102.91. The firm has a market cap of $8.86 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.35 and a beta of 1.60.

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

AutoNation announced that its Board of Directors has authorized a stock repurchase program on Monday, July 19th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Several analysts recently weighed in on the company. Truist increased their price target on AutoNation from $100.00 to $110.00 and gave the company a “hold” rating in a report on Tuesday, July 20th. Morgan Stanley increased their price target on AutoNation from $65.00 to $70.00 and gave the company an “underweight” rating in a report on Monday, July 26th. Finally, Bank of America increased their target price on AutoNation from $161.00 to $171.00 and gave the stock a “buy” rating in a research note on Friday, July 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $107.67.

In related 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 transaction of $5,605,647.40. Following the sale, the chief executive officer now owns 163,217 shares of the company’s stock, valued at $19,088,228.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James R. Bender sold 2,848 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $117.81, for a total value of $335,522.88. Following the sale, the chief operating officer now directly owns 8,459 shares in the company, valued at approximately $996,554.79. The disclosure for this sale can be found here. Insiders have sold a total of 181,437 shares of company stock worth $21,170,474 in the last three months. Corporate insiders own 1.50% of the company’s stock.

About AutoNation

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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