Ford Motor Co. shares exceeded $16 and completed a 15% gain for the week after it posted a US sales increase -- its first time in six years in New York Stock Exchange trading. Ford increased 35 cents, or 2.2%, to $16.21 at 4 p.m. in New York Stock Exchange composite trading, the highest closing price since June 23, 2004.
Ford claims that October sales are higher by 15% due to the increase in the demand for pickups, sport- utility vehicles and cars. For five consecutive days, Ford shares have gained and this year, it has risen 62%.
Last month, Ford raised its US market share as industrywide sales attained a 12.3 million seasonally adjusted annual pace, the fastest of the year.
In the first 10 months of the year, Ford was able to capture 16.7% of the market, standing for a 15.2% increase compared to a year ago. Ford is set to raise its share in its home market for the second consecutive year for the first time since 1992 and 1993.
Bernie McGinn, president of McGinn Investment Management in Alexandria, Va., which owns 330,000 Ford common shares, expects it to go even higher. He said that the Ford story “just keeps getting better,” adding that the company is on track to becoming investment grade and be “a solid long-term company.”
Bloomberg’s survey indicates that of the 17 analysts covering Ford, 11 recommend buying the shares, 5 advise holding and only 1 recommends selling. [via autonews - sub. required]