121,753 Asbury Automotive Group, Inc. $ABG Shares Sold by Magnolia Group LLC

Key Points

• Magnolia Group cut its Asbury Automotive Group stake by 46.7% in the third quarter, selling 121,753 shares and retaining 138,905 shares worth about $23.9 million.
• Asbury reported quarterly EPS of $6.16, below the $6.42 analyst consensus, while revenue of $4.41 billion also missed expectations and fell 8.1% year over year.
• Analysts have a consensus Hold rating and an average price target of $222.88; ratings include three Buys, five Holds, and two Sells.

Magnolia Group LLC lowered its position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 46.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,905 shares of the company's stock after selling 121,753 shares during the period. Asbury Automotive Group makes up approximately 8.2% of Magnolia Group LLC's portfolio, making the stock its 4th largest position. Magnolia Group LLC owned approximately 0.77% of Asbury Automotive Group worth $23,933,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new position in Asbury Automotive Group during the second quarter valued at approximately $593,499,000. Dimensional Fund Advisors LP raised its holdings in Asbury Automotive Group by 3.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,156,426 shares of the company's stock worth $225,977,000 after purchasing an additional 34,104 shares during the period. Cooke & Bieler LP bought a new position in Asbury Automotive Group in the 3rd quarter worth $65,167,000. Madison Asset Management LLC bought a new position in Asbury Automotive Group in the 2nd quarter worth $60,592,000. Finally, Lakewood Capital Management LP purchased a new position in Asbury Automotive Group during the second quarter valued at $35,919,000.

Asbury Automotive Group Price Performance

Shares of ABG stock opened at $207.69 on Thursday. The company has a market capitalization of $3.73 billion, a P/E ratio of 8.25, a P/E/G ratio of 1.49 and a beta of 0.78. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.91 and a quick ratio of 0.29. Asbury Automotive Group, Inc. has a one year low of $160.30 and a one year high of $258.74. The company's 50-day simple moving average is $188.05 and its two-hundred day simple moving average is $202.79.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The company reported $6.16 earnings per share for the quarter, missing analysts' consensus estimates of $6.42 by ($0.26). Asbury Automotive Group had a return on equity of 11.85% and a net margin of 2.66%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.51 billion. During the same period last year, the company earned $7.17 earnings per share. The firm's revenue was down 8.1% compared to the same quarter last year. As a group, equities analysts anticipate that Asbury Automotive Group, Inc. will post 24.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Asbury Automotive Group in a report on Thursday, October 22nd. Barclays decreased their price objective on Asbury Automotive Group from $230.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 29th. Morgan Stanley lifted their price objective on Asbury Automotive Group from $184.00 to $200.00 and gave the company an "equal weight" rating in a research report on Monday. Bank of America reiterated a "buy" rating and set a $232.00 price objective on shares of Asbury Automotive Group in a research note on Wednesday, October 28th. Finally, Citigroup boosted their price target on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Asbury Automotive Group currently has a consensus rating of "Hold" and an average target price of $222.88.

Asbury Automotive Group Profile

Asbury Automotive Group is a U.S. automotive retailer that operates franchised new- and used-vehicle dealerships. Its dealerships sell vehicles from a range of manufacturers and offer related services, including vehicle financing and insurance products, maintenance and repairs, parts sales, and collision repair. The company also operates Clicklane, a digital platform that lets customers research, purchase, finance, and arrange delivery of vehicles online. Asbury was founded in 1995 and has expanded through acquisitions, including its 2021 purchase of Larry H. Miller Dealerships.

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