Though manager of hedge fund ESL Investments, Eddie Lampert,
had been steadily chiseling down his stake in AutoNation (
) since the first quarter of 2010, he made his first reduction of
this year in a series of transactions from Oct. 31 to Nov. 2,
GuruFocus Real Time Picks
. The total amount sold was 763,507 shares, which shrank his
holding size by 1.59 percent. The average selling price was about
$44 per share.
Lampert's stake in AutoNation grew to almost 80 million shares at
its largest in the first quarter of 2009, when the price was
around $11 per share. He began selling in the first quarter of
2010, and has reduced the holding to a total of about 47.3
million shares, or 39.19 percent of the company.
AutoNation is the largest automotive retailer in the U.S., with
258 new vehicle franchises in 15 states, and is based in Fort
Its business in the first nine months of 2012 produced net income
of $233.2 million, or $1.84 per share, from $212 million, or
$1.42 per share, in the first nine months of 2011. Revenue
increased 13.2 percent to $11.5 billion from $10.2 billion.
The company reported sales increases in each of its segments:
domestic, import and premium luxury, as the general environment
for auto sales improved. In the third quarter, total U.S.
industry retail new vehicle unit sales rose 14 percent, according
to CNW Research. AutoNation's retail new vehicle unit sales
increased 21 percent quarter over quarter.
The positive trend continued in October, in which AutoNation
reported a 13 percent increase in sales, compared to October of
AutoNation's stock has gained almost 18 percent year to date.
GuruFocus Real Time Picks alerts you for the stock purchases and
sales that Gurus have made within the last two days. Follow your
favorite Gurus closely with GuruFocus' Premium Membership! If you
are not a Premium Member, we invite you for a
7-Day Free Trial
About GuruFocus: GuruFocus.com tracks the stocks picks and
portfolio holdings of the world's best investors. This value
investing site offers stock screeners and valuation tools. And
publishes daily articles tracking the latest moves of the world's
best investors. GuruFocus also provides promising stock ideas in
3 monthly newsletters sent to