AutoNation's stock set to rally after Eddie Lampert discloses increased equity stake
Shares of AutoNation Inc. were indicated up nearly 2% in premarket trade Wednesday, after former Sears Holdings Corp. Chief Executive Eddie Lampert disclosed that he boosted its stake in the auto parts seller to 17.1%. A filing with the Securities and Exchange Commission showed that Lampert now owns 15.23 million AutoNation shares, which would leave him as the second-largest shareholder. Lampert had previously disclosed ownership of 11.49 million shares, or 12.9% of the shares outstanding, according to FactSet. Lampert also increased his stake in Lands' End Inc. to 20.89 million shares, or 64.8% of the shares outstanding, to keep him as the apparel seller's largest shareholder. Lampert had previously disclosed ownership of 15.79 million shares, or 49.0% of the shares outstanding, according to FactSet. AutoNation's stock has lost 15.0% over the past 12 months and Lands' End shares have shed 23.9%, while the S&P 500 has gained 4.5%.
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