DETROIT (Bloomberg) -- Ford Motor Co. shares surpassed $16 for the first time in six years in New York Stock Exchange trading and completed a 15 percent gain for the week after the automaker reported a U.S. sales increase.
Ford rose 35 cents, or 2.2 percent, to $16.21 at 4 p.m. in New York Stock Exchange composite trading, the highest closing price since June 23, 2004. Ford said this week its October sales increased 15 percent on surging demand for pickups, sport- utility vehicles and cars. Ford shares have gained for five straight days and have risen 62 percent this year.
Ford increased its U.S. market share last month as industrywide sales reached a 12.3 million seasonally adjusted annual pace, the fastest of the year. The second-largest U.S. automaker captured 16.7 percent of the market in the first 10 months of the year, up from 15.2 percent a year earlier. Ford expects to lift share in its home market for the second straight year for the first time since 1992 and 1993.
“I'm enjoying this, and I could see it running even higher,” said Bernie McGinn, president of McGinn Investment Management in Alexandria, Virginia, which owns 330,000 Ford common shares. “The Ford story just keeps getting better. This is a company on its way to becoming investment grade and a solid long-term company.”
Of 17 analysts covering Ford, 11 recommend buying the shares, 5 advise holding and 1 recommends selling, according to data compiled by Bloomberg.
In January 2009, 1 analyst had a buy rating while 8 said hold and 3 said sell. Ford was the only major U.S. automaker to avoid bankruptcy last year.