Assenagon Asset Management S.A. Acquires 32,795 Shares of Asbury Automotive Group, Inc. $ABG

Key Points

• Assenagon Asset Management increased its Asbury Automotive Group stake by 335.5% in the third quarter, acquiring 32,795 shares and bringing its total holdings to 42,569 shares valued at approximately $7.3 million.
• Asbury reported quarterly EPS of $6.82, beating expectations of $6.31, while revenue reached $4.38 billion, slightly below forecasts and up 0.3% year over year.
• Analyst sentiment remains mixed, with ratings ranging from “strong sell” to “buy”; the consensus rating is “Hold” with a $214 price target, compared with shares recently opening at $172.19.

Assenagon Asset Management S.A. boosted its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 335.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 42,569 shares of the company's stock after acquiring an additional 32,795 shares during the quarter. Assenagon Asset Management S.A. owned 0.24% of Asbury Automotive Group worth $7,335,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cim Investment Management Inc. raised its position in shares of Asbury Automotive Group by 7.3% during the 2nd quarter. Cim Investment Management Inc. now owns 1,167 shares of the company's stock worth $235,000 after purchasing an additional 79 shares during the last quarter. Abel Hall LLC boosted its holdings in Asbury Automotive Group by 9.0% in the 1st quarter. Abel Hall LLC now owns 1,222 shares of the company's stock worth $239,000 after buying an additional 101 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Asbury Automotive Group by 20.2% in the 3rd quarter. GAMMA Investing LLC now owns 642 shares of the company's stock worth $111,000 after buying an additional 108 shares during the last quarter. Allworth Financial LP boosted its holdings in Asbury Automotive Group by 263.3% in the 2nd quarter. Allworth Financial LP now owns 178 shares of the company's stock worth $36,000 after buying an additional 129 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its holdings in Asbury Automotive Group by 3.0% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 4,459 shares of the company's stock worth $871,000 after buying an additional 130 shares during the last quarter.

Asbury Automotive Group Stock Up 1.3%

Shares of NYSE ABG opened at $172.19 on Wednesday. The stock has a market cap of $3.09 billion, a PE ratio of 6.53, a P/E/G ratio of 0.95 and a beta of 0.78. The company has a current ratio of 0.91, a quick ratio of 0.29 and a debt-to-equity ratio of 0.77. Asbury Automotive Group, Inc. has a 12-month low of $160.30 and a 12-month high of $258.74. The company has a 50-day moving average of $193.34 and a 200 day moving average of $200.06.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $6.82 EPS for the quarter, beating the consensus estimate 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 return on equity of 12.72% and a net margin of 2.83%. The business's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm earned $7.43 earnings per share. As a group, sell-side analysts predict that Asbury Automotive Group, Inc. will post 25.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Asbury Automotive Group from $190.00 to $185.00 and set an "underweight" rating for the company in a report on Tuesday, October 6th. Barclays restated a "reduce" rating on shares of Asbury Automotive Group in a research report on Tuesday, October 6th. Zacks Research lowered Asbury Automotive Group from a "hold" rating to a "strong sell" rating in a research note on Friday, October 16th. Seaport Research Partners raised Asbury Automotive Group from a "neutral" rating to a "buy" rating and set a $300.00 price target on the stock in a research note on Tuesday, September 8th. Finally, Morgan Stanley dropped their price target on Asbury Automotive Group from $230.00 to $184.00 and set an "equal weight" rating for the company in a research report on Monday, October 5th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Asbury Automotive Group has an average rating of "Hold" and a consensus target price of $214.00.

Insider Transactions at Asbury Automotive Group

In other Asbury Automotive Group news, SVP Jed Milstein sold 948 shares of the firm's 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 completion of the sale, the senior vice president directly owned 11,259 shares of the company's stock, valued at $2,817,902.52. This trade represents a 7.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by insiders.

About Asbury Automotive Group

Asbury Automotive Group, Inc is a U.S.-based automotive retailer that operates franchised and independent dealerships. Its dealerships sell new and used vehicles from a range of domestic, import and luxury automobile brands, and provide related services throughout the vehicle ownership cycle.

The company's operations include automotive repair and maintenance, parts and accessories, collision repair, vehicle financing and insurance products, and other dealership services. Asbury also supports vehicle sales and service through digital retailing and online customer tools.

Founded in 1995, Asbury has expanded through acquisitions and serves customers across multiple markets in the United States.

Want to see what other hedge funds are holding ABG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Asbury Automotive Group, Inc. (NYSE:ABG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.