JPMorgan Chase & Co. Upgrades AutoNation (NYSE:AN) to “Overweight”

AutoNation (NYSE:AN) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has a $235.00 price target on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 9.18% from the company’s current price.

Several other research firms have also weighed in on AN. Morgan Stanley boosted their target price on AutoNation from $225.00 to $233.00 and gave the stock an “overweight” rating in a report on Monday, December 8th. Citigroup lifted their price target on shares of AutoNation from $265.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Wells Fargo & Company boosted their price objective on shares of AutoNation from $220.00 to $222.00 and gave the stock an “equal weight” rating in a research note on Monday, January 12th. Barclays began coverage on shares of AutoNation in a research note on Tuesday, November 11th. They issued an “overweight” rating and a $250.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of AutoNation in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, AutoNation currently has an average rating of “Moderate Buy” and a consensus price target of $244.22.

AutoNation Trading Up 0.4%

Shares of NYSE:AN opened at $215.24 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.20 and a debt-to-equity ratio of 1.93. The stock has a market capitalization of $7.85 billion, a PE ratio of 12.66 and a beta of 0.88. AutoNation has a 1 year low of $148.33 and a 1 year high of $228.92. The firm has a fifty day moving average price of $208.61 and a 200 day moving average price of $209.79.

AutoNation (NYSE:AN) last posted its earnings results on Thursday, October 23rd. The company reported $5.01 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.16. The company had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.74 billion. AutoNation had a return on equity of 31.84% and a net margin of 2.38%.The business’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $4.02 earnings per share. Analysts expect that AutoNation will post 18.15 EPS for the current fiscal year.

AutoNation announced that its board has authorized a share buyback program on Friday, October 31st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of AutoNation

Institutional investors have recently made changes to their positions in the business. Aaron Wealth Advisors LLC bought a new position in shares of AutoNation during the third quarter valued at $1,401,000. Paradigm Asset Management Co. LLC bought a new stake in shares of AutoNation in the 2nd quarter worth about $1,251,000. Allworth Financial LP increased its position in shares of AutoNation by 873.3% during the 2nd quarter. Allworth Financial LP now owns 4,886 shares of the company’s stock worth $971,000 after purchasing an additional 4,384 shares in the last quarter. Davis Capital Management bought a new position in AutoNation during the 3rd quarter valued at about $2,024,000. Finally, 111 Capital bought a new position in AutoNation during the 2nd quarter valued at about $208,000. 94.62% of the stock is currently owned by institutional investors and hedge funds.

About AutoNation

AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.

Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.