New York State Teachers Retirement System cut its stake in AutoNation, Inc. (NYSE:AN) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,818 shares of the company’s stock after selling 6,781 shares during the period. New York State Teachers Retirement System owned about 0.09% of AutoNation worth $4,310,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its holdings in AutoNation by 8.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 4,826 shares of the company’s stock valued at $215,000 after purchasing an additional 372 shares during the period. Russell Investments Group Ltd. boosted its holdings in AutoNation by 35.4% in the second quarter. Russell Investments Group Ltd. now owns 23,240 shares of the company’s stock valued at $981,000 after purchasing an additional 6,082 shares during the period. Private Management Group Inc. boosted its holdings in AutoNation by 43.9% in the second quarter. Private Management Group Inc. now owns 728,091 shares of the company’s stock valued at $30,696,000 after purchasing an additional 222,267 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in AutoNation by 6.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 348,313 shares of the company’s stock valued at $14,685,000 after purchasing an additional 21,198 shares during the period. Finally, BlueCrest Capital Management Ltd purchased a new position in AutoNation in the second quarter valued at $2,304,000. Hedge funds and other institutional investors own 75.46% of the company’s stock.
Shares of AutoNation, Inc. (AN) opened at C$52.48 on Friday. The stock has a market capitalization of $4,788.49, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.98 and a beta of 1.24. The company has a current ratio of 0.73, a quick ratio of 0.17 and a debt-to-equity ratio of 0.59. AutoNation, Inc. has a fifty-two week low of C$38.20 and a fifty-two week high of C$55.77.
AutoNation (NYSE:AN) last announced its quarterly earnings results on Thursday, November 2nd. The company reported C$1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of C$0.84 by C$0.16. The company had revenue of C$5.43 billion during the quarter, compared to the consensus estimate of C$5.58 billion. AutoNation had a return on equity of 16.40% and a net margin of 1.87%. AutoNation’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 EPS. sell-side analysts predict that AutoNation, Inc. will post 3.73 earnings per share for the current fiscal year.
AutoNation announced that its board has approved a share buyback program on Tuesday, August 29th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, major shareholder Edward S. Lampert sold 3,480 shares of AutoNation stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of C$55.61, for a total transaction of C$193,522.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.10% of the stock is owned by insiders.
AN has been the subject of a number of recent research reports. KeyCorp reiterated a “hold” rating on shares of AutoNation in a report on Friday, September 1st. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 target price on shares of AutoNation in a report on Sunday, September 10th. Berenberg Bank initiated coverage on AutoNation in a report on Wednesday, October 4th. They issued a “buy” rating and a $55.00 target price for the company. ValuEngine lowered AutoNation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Susquehanna Bancshares Inc lowered AutoNation to a “neutral” rating and lifted their target price for the company from $36.00 to $38.00 in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of C$46.88.
AutoNation Company Profile
AutoNation, Inc (AutoNation) is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources.
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