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Here’s What Bonhoeffer Capital Management Thinks About AutoNation (AN)

Soumya Eswaran
·3 分鐘文章

Bonhoeffer Capital Management, an asset management company, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2024, the fund returned 5.9% net of fees compared to 5.7% returns for MSCI World ex-US, a broad-based index, and 5.3% return for the DFA International Small Cap Value Fund. The fund’s stocks have an average EV/EBITDA of 4.4 and a weighted average earnings/free cash flow yield of 12.3% as of March 31, 2024.  During the first quarter, the firm continued to replace slower-growing enterprises with durable, faster-growing firms. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Bonhoeffer Capital Management highlighted stocks like AutoNation, Inc. (NYSE:AN) in the first quarter 2024 investor letter. AutoNation, Inc. (NYSE:AN) operates as an automotive retailer. AutoNation, Inc. (NYSE:AN) one-month return was 2.10%, and its shares gained 15.43% of their value over the last 52 weeks. On June 4, 2024, AutoNation, Inc. (NYSE:AN) stock closed at $166.92 per share with a market capitalization of $6.721 billion.

Bonhoeffer Capital Management stated the following regarding AutoNation, Inc. (NYSE:AN) in its first quarter 2024 investor letter:

"What is interesting about the car dealer group of firms is that the EPS growth has been reasonably close despite how different the firm’s operating models were. AutoNation, Inc. (NYSE:AN), with few acquisitions and a lot of repurchases, had net income growth close to total auto US dealer sales growth of 3% compared to Lithia which was very acquisitive and issued more shares than it repurchased. As can be seen by stock price returns, the market discounted AutoNation’s approach of fewer acquisitions and more buybacks versus the more common acquisition and buyback approach."

A customer smiling delightedly after driving away in their new car from the automotive retail shop.

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AutoNation, Inc. (NYSE:AN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held AutoNation, Inc. (NYSE:AN) at the end of the first quarter which was 34 in the previous quarter. While we acknowledge the potential of AutoNation, Inc. (NYSE:AN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed AutoNation, Inc. (NYSE:AN) and shared Black Bear Value Partners' views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.