Legacy automaker Ford (F) has been in its current headquarters, which some call the Glass House, for a long time now. But that is about to change, as by the end of this year, Ford will be moving its headquarters operations down the road for the first time in around 70 years. Investors seemed oddly troubled by this, and shares slipped fractionally in Monday afternoon’s trading.
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Ford will not be moving its headquarters very far, reports note. Ford will be moving to a new building recently put up in Dearborn, about three miles away from the old location. The new location, which will be called “Ford World Headquarters” when it opens in November, will measure in at a whopping 2.1 million square feet. It will also be part of a larger campus, which makes it clear Ford needs a lot of real estate to do its job. Or at least it believes it needs that kind of real estate.
The Glass House, as the old building was known, opened in 1956, and will reportedly be demolished after Ford’s departure. Interestingly, the new Dearborn location will keep the old address: 1 American Road. The address is important to Ford as it signifies its interest in “…develop(ing) products for the new century,” according to heritage and brand manager Ted Ryan.
Leaning on the Dealers Again
Meanwhile, Ford once again demonstrated the power its dealerships have to influence public opinion. The Southeast Michigan Ford Dealers Association is firing up a food drive to help address “food insecurity” in and around Detroit. Apparently, over half a million people in metro Detroit are considered food insecure, and Ford dealers are pulling out all the stops to help.
The plan calls on Ford dealers to collect around 10 short tons of food—fully 20,000 pounds—in the course of 10 days. Those who bring in at least 10 items of food will receive a poster of Detroit Lions’ quarterback Jared Goff. The project is part of a larger Ford initiative, the Global Caring Month Campaign.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on three Buys, eight Holds and three Sells assigned in the past three months, as indicated by the graphic below. After an 8.15% rally in its share price over the past year, the average F price target of $10.77 per share implies 7.71% downside risk.
