HITE Hedge Asset Management LLC Buys New Shares in AutoNation, Inc. $AN

Key Points

• HITE Hedge Asset Management LLC acquired 19,088 shares of AutoNation, Inc. valued at approximately $3.09 million, representing a 0.05% stake in the company.
• Analysts have recently upgraded AutoNation's stock with multiple firms raising their target prices, including Bank of America, which increased its target from $225 to $255.
• AutoNation reported $5.46 EPS for its latest quarter, surpassing estimates and demonstrating a 7.6% revenue increase year-over-year.

HITE Hedge Asset Management LLC bought a new stake in AutoNation, Inc. (NYSE:AN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 19,088 shares of the company's stock, valued at approximately $3,091,000. HITE Hedge Asset Management LLC owned 0.05% of AutoNation as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Curat Global LLC bought a new stake in shares of AutoNation in the 1st quarter valued at about $36,000. NewEdge Advisors LLC raised its holdings in shares of AutoNation by 25.5% in the 4th quarter. NewEdge Advisors LLC now owns 315 shares of the company's stock valued at $54,000 after purchasing an additional 64 shares during the period. GAMMA Investing LLC raised its holdings in shares of AutoNation by 81.1% in the 1st quarter. GAMMA Investing LLC now owns 460 shares of the company's stock valued at $74,000 after purchasing an additional 206 shares during the period. UMB Bank n.a. raised its holdings in shares of AutoNation by 56.8% in the 1st quarter. UMB Bank n.a. now owns 839 shares of the company's stock valued at $136,000 after purchasing an additional 304 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in shares of AutoNation by 762.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 923 shares of the company's stock valued at $149,000 after purchasing an additional 816 shares during the period. 94.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AN shares. Bank of America upped their target price on shares of AutoNation from $225.00 to $255.00 and gave the company a "buy" rating in a report on Monday, June 16th. Wall Street Zen raised shares of AutoNation from a "hold" rating to a "buy" rating in a report on Saturday, May 10th. JPMorgan Chase & Co. increased their price target on shares of AutoNation from $185.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, August 5th. Wells Fargo & Company increased their price target on shares of AutoNation from $209.00 to $221.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Finally, Cfra Research raised shares of AutoNation to a "strong-buy" rating in a report on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $223.25.

AutoNation Stock Performance

Shares of NYSE:AN opened at $207.10 on Tuesday. The company's 50 day moving average price is $200.66 and its two-hundred day moving average price is $184.98. AutoNation, Inc. has a 12-month low of $148.33 and a 12-month high of $217.40. The firm has a market cap of $7.81 billion, a PE ratio of 12.98, a PEG ratio of 1.01 and a beta of 0.89. The company has a quick ratio of 0.21, a current ratio of 0.81 and a debt-to-equity ratio of 1.84.

AutoNation (NYSE:AN - Get Free Report) last announced its earnings results on Friday, July 25th. The company reported $5.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.70 by $0.76. AutoNation had a net margin of 2.31% and a return on equity of 31.12%. The firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.77 billion. During the same quarter in the prior year, the business posted $3.99 EPS. The business's revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that AutoNation, Inc. will post 18.15 earnings per share for the current year.

AutoNation 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.

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