Edward Lampert, ESL Investments Continue Trimming Their AutoNation, Inc. (AN) Stake

Edward Lampert‘s ESL Investments disclosed, in a new filing with the SEC, selling a part of its AutoNation, Inc. (NYSE:AN) holding. The fund sold 148,000 shares, reducing its position to some 31.5 million shares, out of which, over 14.8 million are held directly. The total value of the 14 deals amounts to over $5.0 million.


The move comes less than a week, after ESL reported another sale of AutoNation, Inc. (NYSE:AN) shares. The fund already trimmed its holding in the company by 121,100, which have been sold in 15 transactions. The fund disclosed ownership of 19.4 million shares in its latest 13F. Later the position has been raised to 35.5 million, and since then Mr. Lampert has been slicing the holding.

The stock of AutoNation, Inc. (NYSE:AN) has gained around 23% since the beginning of the year, trailing a P/E of 17.xx. The company had a revenue of $4.5 in the third quarter of 2013, up by 14% on the year, while its EPS increased also by 14% and totaled $0.75, which represents an all-time record.

Aside from Lampert, several other “hedgies” also hold big positions in AutoNation, Inc. (NYSE:AN). Murray Stahl’s Horizon Asset Management reported a $315.1 million stake, which contains 6.1 million shares. It is followed by Daniel S. Och’s Oz Management, and Scout Capital Management, led by James Crichton and Adam Weiss, which hold 3.3 million shares, and 2.2 million shares respectively. The value of the positions held by Oz and Scout amounts to $171.2 million, and $114.8 million respectively.

In the equity portfolio of ESL Investments, the largest stake is represented by Sears Holdings Corp (NASDAQ:SHLD), in which the fund owns 33.9 million shares, worth over $2.0 billion. In The Gap Inc. (NYSE:GPS) and Sears Hometown and Outlet Stores Inc (NASDAQ:SHOS), the value of ESL’s positions amounts to $265.3 million, and $183.7 million, the stakes containing 6.6 million shares, and 5.8 million shares respectively.

Disclosure: none

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