Eminence Capital LP Acquires 107,317 Shares of Asbury Automotive Group, Inc. (NYSE:ABG)

Eminence Capital LP raised its position in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 15.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 787,775 shares of the company's stock after acquiring an additional 107,317 shares during the quarter. Asbury Automotive Group makes up 2.9% of Eminence Capital LP's investment portfolio, making the stock its 9th largest position. Eminence Capital LP owned 4.02% of Asbury Automotive Group worth $191,453,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABG. GoodHaven Capital Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter valued at about $2,916,000. Magnolia Group LLC increased its position in Asbury Automotive Group by 2.1% during the 4th quarter. Magnolia Group LLC now owns 149,123 shares of the company's stock valued at $36,241,000 after buying an additional 3,000 shares in the last quarter. Intech Investment Management LLC raised its stake in Asbury Automotive Group by 52.3% during the fourth quarter. Intech Investment Management LLC now owns 7,805 shares of the company's stock valued at $1,897,000 after buying an additional 2,680 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Asbury Automotive Group during the fourth quarter valued at $221,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Asbury Automotive Group by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 211,766 shares of the company's stock worth $51,465,000 after purchasing an additional 3,273 shares during the last quarter.

Insider Transactions at Asbury Automotive Group

In other Asbury Automotive Group news, COO Daniel Clara sold 1,217 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $296.64, for a total transaction of $361,010.88. Following the transaction, the chief operating officer now owns 3,747 shares in the company, valued at $1,111,510.08. The trade was a 24.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ABG. Craig Hallum downgraded shares of Asbury Automotive Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Citigroup initiated coverage on shares of Asbury Automotive Group in a research report on Wednesday, April 23rd. They set a "neutral" rating and a $236.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Asbury Automotive Group from $290.00 to $250.00 and set a "neutral" rating on the stock in a research report on Thursday, March 27th. Finally, Stephens raised their target price on Asbury Automotive Group from $220.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 11th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of "Hold" and a consensus target price of $258.50.

Asbury Automotive Group Price Performance

Asbury Automotive Group stock traded down $0.87 during midday trading on Friday, reaching $224.99. 88,095 shares of the stock traded hands, compared to its average volume of 203,588. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98. Asbury Automotive Group, Inc. has a 12 month low of $201.68 and a 12 month high of $312.56. The stock's fifty day moving average is $227.50 and its 200-day moving average is $248.90. The stock has a market cap of $4.42 billion, a P/E ratio of 10.46 and a beta of 0.98.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $6.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.84 by ($0.02). Asbury Automotive Group had a net margin of 2.50% and a return on equity of 16.29%. The business had revenue of $4.15 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same period in the previous year, the company earned $7.21 EPS. Asbury Automotive Group's revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Asbury Automotive Group Profile

Asbury Automotive Group, Inc, together with its subsidiaries, operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance services, replacement parts, and collision repair services.