Asbury Automotive Group, Inc. $ABG Shares Acquired by GoodHaven Capital Management LLC

Key Points

• GoodHaven Capital Management increased its Asbury Automotive Group stake by 29% in the second quarter, acquiring 12,689 additional shares and bringing its holdings to 56,450 shares valued at approximately $11.35 million.
• ABG shares fell 2.2% to $212.41, while the company reported quarterly earnings of $6.82 per share, beating analyst estimates of $6.31, despite revenue of $4.38 billion coming in below expectations.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $246.71; Seaport Research Partners upgraded the stock to “Buy” with a $300 target.

GoodHaven Capital Management LLC lifted its stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 29.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 56,450 shares of the company's stock after acquiring an additional 12,689 shares during the period. Asbury Automotive Group accounts for approximately 3.6% of GoodHaven Capital Management LLC's portfolio, making the stock its 13th biggest position. GoodHaven Capital Management LLC owned about 0.31% of Asbury Automotive Group worth $11,351,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Man Group plc purchased a new stake in shares of Asbury Automotive Group in the 2nd quarter valued at approximately $3,208,000. BlackRock Inc. purchased a new stake in shares of Asbury Automotive Group during the 2nd quarter valued at approximately $593,499,000. Thrivent Financial for Lutherans lifted its holdings in Asbury Automotive Group by 106.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company's stock valued at $68,842,000 after acquiring an additional 152,669 shares during the last quarter. Fieldview Capital Management LLC acquired a new position in Asbury Automotive Group in the fourth quarter valued at approximately $3,336,000. Finally, Legal & General Group Plc purchased a new position in Asbury Automotive Group in the second quarter worth approximately $8,884,000.

Asbury Automotive Group Stock Down 2.2%

Shares of ABG traded down $4.85 during mid-day trading on Tuesday, hitting $212.41. 226,887 shares of the company's stock were exchanged, compared to its average volume of 245,249. The stock's 50-day moving average is $215.43 and its 200-day moving average is $204.80. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.29 and a current ratio of 0.91. Asbury Automotive Group, Inc. has a fifty-two week low of $172.01 and a fifty-two week high of $258.95. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 7.94, a P/E/G ratio of 0.84 and a beta of 0.71.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $6.82 earnings per share for the quarter, beating analysts' consensus estimates of $6.31 by $0.51. The firm had revenue of $4.38 billion during the quarter, compared to analysts' expectations of $4.49 billion. Asbury Automotive Group had a net margin of 2.83% and a return on equity of 12.72%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $7.43 earnings per share. On average, sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup raised their target price on Asbury Automotive Group from $212.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Seaport Research Partners upgraded Asbury Automotive Group from a "neutral" rating to a "buy" rating and set a $300.00 price target for the company in a report on Tuesday. UBS Group set a $250.00 price objective on Asbury Automotive Group in a research report on Wednesday, July 29th. Morgan Stanley boosted their price objective on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Asbury Automotive Group in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Asbury Automotive Group has a consensus rating of "Hold" and a consensus price target of $246.71.

Insider Buying and Selling at Asbury Automotive Group

In other news, SVP Jed Milstein sold 948 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $250.28, for a total value of $237,265.44. Following the sale, the senior vice president directly owned 11,259 shares in the company, valued at approximately $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.75% of the company's stock.

About Asbury Automotive Group

Asbury Automotive Group, Inc NYSE: ABG is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.

In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.

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