Truist Financial Corp Trims Holdings in Cars.com Inc. (NYSE:CARS)

Truist Financial Corp lowered its holdings in Cars.com Inc. (NYSE:CARS) by 20.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,099 shares of the company’s stock after selling 8,868 shares during the period. Truist Financial Corp owned approximately 0.05% of Cars.com worth $696,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Meritage Portfolio Management acquired a new position in shares of Cars.com in the second quarter valued at approximately $266,000. Strs Ohio acquired a new position in Cars.com during the 2nd quarter worth approximately $788,000. Inspire Investing LLC acquired a new position in Cars.com during the 2nd quarter worth approximately $314,000. Kendall Capital Management acquired a new position in Cars.com during the 2nd quarter worth approximately $251,000. Finally, New York State Teachers Retirement System grew its holdings in Cars.com by 7.8% during the 2nd quarter. New York State Teachers Retirement System now owns 19,293 shares of the company’s stock worth $382,000 after acquiring an additional 1,401 shares in the last quarter. Institutional investors and hedge funds own 88.77% of the company’s stock.

Insider Activity at Cars.com

In related news, CEO Thomas Alex Vetter sold 17,666 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $19.00, for a total value of $335,654.00. Following the completion of the sale, the chief executive officer now owns 657,215 shares in the company, valued at approximately $12,487,085. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.59% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on CARS. Craig Hallum boosted their price target on shares of Cars.com from $22.00 to $24.00 in a report on Friday, August 4th. B. Riley began coverage on shares of Cars.com in a report on Wednesday, July 19th. They set a “buy” rating and a $26.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Cars.com from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, October 16th. Finally, UBS Group started coverage on shares of Cars.com in a report on Friday, September 15th. They issued a “neutral” rating and a $20.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Cars.com currently has an average rating of “Moderate Buy” and an average price target of $23.54.

Cars.com Trading Down 0.9 %

Shares of Cars.com stock opened at $18.61 on Thursday. The company has a fifty day simple moving average of $17.13 and a 200-day simple moving average of $18.63. Cars.com Inc. has a 12-month low of $12.70 and a 12-month high of $22.84. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 11.28 and a beta of 2.07. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.89.

Cars.com Profile

Cars.com Inc, through its subsidiaries, operates as a digital automotive marketplace that connects local car dealers to consumers in the United States. The company offers a suite of digital solutions that creates connections between individuals researching cars or looking to purchase a car with car dealerships and automotive original equipment manufacturers.