AutoNation, the largest auto retailer in the United States, has experienced impressive growth in recent years. However, it’s worth noting that long-time investor and hedge fund manager, Eddie Lampert, has been reducing his stake in the company.
Although AutoNation shares have dipped from their all-time high of $182.08 in July 2023, they still managed to finish the year with a 40% gain, outperforming the S&P 500’s 24% increase. In 2021 and 2022, the stock witnessed significant surges of 67% and slight decline of 8% respectively, while the index experienced a rise of 27% followed by a drop of 19%.
Throughout this period, Lampert has consistently sold off his shares. His most recent transaction occurred on January 10th, 2024, where he sold 77,284 AutoNation shares for $11 million, with an average price of $142.58 per share. As per the Securities and Exchange Commission filings, Lampert currently holds a stake of 4.8 million shares, equivalent to 11.3% of the company, making him the second-largest shareholder. It’s worth mentioning that some of these shares are held through trusts controlled by Lampert.
Cascade Investment, an investment vehicle belonging to Microsoft co-founder Bill Gates, holds the largest stake in AutoNation. With ownership of 9.9 million shares, Cascade represents over 22% of the company’s total shares. Interestingly, regulatory records indicate that Cascade has not sold any AutoNation shares since October 2021.
It is important to note that our “Inside Scoop” feature regularly covers stock transactions made by corporate executives, board members, prominent figures, and politicians. These insiders, due to their status, are obligated to disclose their stock trades with the Securities and Exchange Commission or other regulatory bodies.
We will continue to monitor the developments surrounding AutoNation and provide updates on any significant changes. Stay tuned for more information!