Norges Bank Takes Position in AutoNation, Inc. $AN

Norges Bank bought a new stake in shares of AutoNation, Inc. (NYSE:AN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 315,191 shares of the company’s stock, valued at approximately $62,613,000. Norges Bank owned 0.84% of AutoNation at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of AN. Geneos Wealth Management Inc. boosted its stake in shares of AutoNation by 37.4% during the first quarter. Geneos Wealth Management Inc. now owns 235 shares of the company’s stock valued at $38,000 after purchasing an additional 64 shares during the period. Parallel Advisors LLC lifted its stake in AutoNation by 45.3% in the second quarter. Parallel Advisors LLC now owns 375 shares of the company’s stock worth $74,000 after acquiring an additional 117 shares during the period. SVB Wealth LLC purchased a new stake in shares of AutoNation in the 1st quarter worth about $86,000. IFP Advisors Inc lifted its position in AutoNation by 38.0% during the 2nd quarter. IFP Advisors Inc now owns 508 shares of the company’s stock valued at $101,000 after acquiring an additional 140 shares during the period. Finally, GAMMA Investing LLC boosted its stake in AutoNation by 33.3% during the second quarter. GAMMA Investing LLC now owns 613 shares of the company’s stock worth $122,000 after acquiring an additional 153 shares in the last quarter. 94.62% of the stock is owned by hedge funds and other institutional investors.

AutoNation Stock Performance

AN stock opened at $215.83 on Friday. The stock’s 50 day simple moving average is $207.49 and its 200 day simple moving average is $205.22. The company has a current ratio of 0.79, a quick ratio of 0.20 and a debt-to-equity ratio of 1.93. AutoNation, Inc. has a 12-month low of $148.33 and a 12-month high of $228.92. The stock has a market capitalization of $7.87 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89.

AutoNation (NYSE:AN) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $5.01 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.16. The firm had revenue of $7.04 billion during the quarter, compared to analysts’ expectations of $6.74 billion. AutoNation had a return on equity of 31.84% and a net margin of 2.38%.The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.02 earnings per share. As a group, research analysts forecast that AutoNation, Inc. will post 18.15 earnings per share for the current fiscal year.

AutoNation announced that its Board of Directors has initiated a share repurchase plan on Friday, October 31st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

AN has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price 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. Barclays initiated coverage on AutoNation in a research note on Tuesday, November 11th. They issued an “overweight” rating and a $250.00 price target on the stock. Wells Fargo & Company lowered their price objective on AutoNation from $221.00 to $220.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 15th. Bank of America dropped their target price on AutoNation from $255.00 to $250.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. Finally, Wall Street Zen downgraded AutoNation from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

AutoNation Company Profile

AutoNation, Inc, through its subsidiaries, operates as an automotive retailer in the United States. The company operates through three segments: Domestic, Import, and Premium Luxury. It offers a range of automotive products and services, including new and used vehicles; and parts and services, such as automotive repair and maintenance, and wholesale parts and collision services.