AutoNation, Inc. (NYSE: AN) is one of the largest automotive retailers in the United States, operating a nationwide dealership network spanning new vehicles, used vehicles, and parts and service. Shares recently traded around $212 per share, giving the company a market value of roughly $7.7 billion.
Looking at who owns AutoNation and recent insider trades helps show how large institutions, hedge funds, and company insiders appear to be positioning around the stock today.
Who Are AutoNation’s Top Shareholders?
AutoNation’s shareholder base is led by a major family office alongside large passive institutions. These firms tend to hold through market cycles, which can help support longer term ownership stability. Active managers adjusted positions in both directions, suggesting a mix of confidence and caution.
- Cascade Investment, L.L.C.: 7,062,629 shares (19.36%), ~$$1.50B value. Cut 2,808,674 shares (-28.45%).
- The Vanguard Group: 3,168,191 shares (8.69%), ~$$672.5M value. Added 34,153 shares (+1.09%).
- BlackRock Institutional Trust Company, N.A.: 2,290,246 shares (6.28%), ~$$486.2M value. Added 188,522 shares (+8.97%).
- ESL Investments, Inc.: 1,747,642 shares (4.79%), ~$$371.0M value. Increased holdings materially.
- Boston Partners: 1,423,793 shares (3.90%), ~$$302.2M value. Cut 280,382 shares (-16.45%).
- Dimensional Fund Advisors, L.P.: 1,392,653 shares (3.82%), ~$$295.6M value. Cut 167,521 shares (-10.74%).
- Brave Warrior Advisors, LLC: 1,214,043 shares (3.33%), ~$$257.7M value. Little change.
- State Street Investment Management (US): 889,551 shares (2.44%), ~$$188.8M value. Added 45,496 shares (+5.39%).
- Invesco Advisers, Inc.: 728,081 shares (2.00%), ~$$154.5M value. Added 64,833 shares (+9.78%).
- AQR Capital Management, LLC: 697,927 shares (1.91%), ~$$148.1M value. Added 66,183 shares (+10.48%).
Cascade Investment remains the controlling shareholder even after trimming a sizable portion of its stake. At the same time, incremental additions from passive giants like Vanguard and BlackRock suggest AutoNation continues to benefit from broad institutional support. For investors, the mix of trims and adds points to exposure management rather than a clear shift in long term conviction.
Hedge Fund Highlights
Cascade Investment, the family office founded by Bill Gates, remains AutoNation’s largest shareholder despite reducing its stake by roughly 28% last quarter. Even after the reduction, the firm still controls close to 19% of shares outstanding, suggesting continued long term involvement while managing position size.
ESL Investments, led by Eddie Lampert, significantly increased its AutoNation position and now owns nearly 4.8% of the company, valued at roughly $371M. The increase appears to reflect a more constructive view on AutoNation’s cash flow generation and capital allocation, though the firm’s exact reasoning is not confirmed.
Brave Warrior Advisors, founded by Glenn Greenberg, continues to hold over 3.3% of shares outstanding with little change during the period. The steady position suggests ongoing conviction rather than short term positioning.
AQR Capital Management, led by Cliff Asness, increased its stake by about 10%, bringing its position to roughly $148M. The move appears consistent with a valuation or quantitative driven approach given AutoNation’s earnings profile and trading multiples.
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AutoNation’s Recent Insider Trades
Insider trades can offer useful context on how executives and directors may be managing personal exposure to the stock. Recent filings show mostly selling activity, with transactions generally small relative to overall ownership.
- Richard L. Burdick (Director): Sold 423 shares, ~$$90K.
- Jeff Parent (Officer/Director): Sold 114 shares, ~$$23K.
- Thomas A. Szlosek (Officer/Director): Sold 2,120 shares across multiple trades, ~$$390K total.
- C. Coleman Edmunds (Officer): Sold 12,324 shares, ~$$2.3M.
These transactions do not materially change insider ownership, but they add context around how leadership appears to be managing exposure at current price levels. For investors, insider activity looks cautious, with limited buying and several sales that may relate to compensation timing or personal portfolio decisions, though that is not certain.
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What the Ownership & Insider Trade Data Tell Us
AutoNation’s shareholder base remains anchored by large institutions and a dominant long term holder, which helps support stability. At the same time, trims by certain funds and ongoing insider selling suggest a measured stance as the company navigates leverage levels and a more normalized auto demand environment.
For investors, the data points to steady institutional backing paired with caution rather than aggressive positioning from either insiders or active managers.
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