Asbury Automotive Group, Inc. $ABG Shares Sold by Advent International L.P.

Key Points

• Advent International L.P. significantly reduced its stake in Asbury Automotive Group, selling 133,813 shares and lowering its holdings by 98.6% in the first quarter.
• Asbury Automotive Group reported earnings of $7.43 per share for the last quarter, exceeding estimates but with revenue of $4.37 billion, slightly below the consensus.
• Analysts have mixed outlooks for Asbury Automotive Group, with price targets ranging from $215.00 to $335.00, reflecting a range of ratings from "buy" to "underweight."

Advent International L.P. lowered its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 98.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,945 shares of the company's stock after selling 133,813 shares during the quarter. Asbury Automotive Group comprises about 0.0% of Advent International L.P.'s portfolio, making the stock its 23rd biggest holding. Advent International L.P.'s holdings in Asbury Automotive Group were worth $430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Asbury Automotive Group in the first quarter valued at about $262,000. New York State Teachers Retirement System increased its stake in Asbury Automotive Group by 13.7% during the first quarter. New York State Teachers Retirement System now owns 14,846 shares of the company's stock worth $3,279,000 after purchasing an additional 1,787 shares during the period. GAMMA Investing LLC increased its stake in Asbury Automotive Group by 39.2% during the first quarter. GAMMA Investing LLC now owns 586 shares of the company's stock worth $129,000 after purchasing an additional 165 shares during the period. TD Asset Management Inc purchased a new stake in Asbury Automotive Group during the first quarter worth about $6,037,000. Finally, SG Americas Securities LLC purchased a new stake in Asbury Automotive Group during the first quarter worth about $1,111,000.

Asbury Automotive Group Stock Down 0.7%

Shares of ABG stock traded down $1.93 during trading hours on Friday, reaching $257.07. 185,225 shares of the stock were exchanged, compared to its average volume of 140,807. The business's fifty day moving average is $243.05 and its two-hundred day moving average is $237.69. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.30 and a quick ratio of 0.49. Asbury Automotive Group, Inc. has a 12-month low of $201.68 and a 12-month high of $312.56. The firm has a market capitalization of $5.05 billion, a P/E ratio of 9.39, a P/E/G ratio of 1.71 and a beta of 0.89.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $7.43 earnings per share for the quarter, topping analysts' consensus estimates of $6.82 by $0.61. Asbury Automotive Group had a net margin of 3.13% and a return on equity of 15.41%. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.44 billion. During the same period in the prior year, the firm earned $6.40 earnings per share. The business's quarterly revenue was up 3.0% compared to the same quarter last year. As a group, research analysts expect that Asbury Automotive Group, Inc. will post 26.28 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on ABG shares. Wall Street Zen upgraded shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Stephens upgraded shares of Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $225.00 to $277.00 in a research note on Wednesday, August 13th. JPMorgan Chase & Co. cut their price target on shares of Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 5th. Bank of America boosted their price target on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Cfra set a $225.00 price target on shares of Asbury Automotive Group in a research note on Tuesday, July 29th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $254.00.

Insiders Place Their Bets

In related news, Director Juanita T. James sold 625 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total value of $152,562.50. Following the completion of the transaction, the director directly owned 6,855 shares of the company's stock, valued at $1,673,305.50. This represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Maureen F. Morrison sold 800 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $255.61, for a total value of $204,488.00. Following the completion of the transaction, the director directly owned 5,824 shares of the company's stock, valued at $1,488,672.64. This trade represents a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,957 shares of company stock valued at $745,501. 0.59% of the stock is owned by company insiders.

Asbury Automotive Group Company 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.