Assenagon Asset Management S.A. Makes New Investment in Asbury Automotive Group, Inc. $ABG

Key Points

• Assenagon Asset Management initiated a position in Asbury Automotive Group, purchasing 9,774 shares worth approximately $1.97 million, while several other institutional investors also increased their holdings.
• Analysts remain broadly cautious, with a consensus “Hold” rating and an average price target of $246.71; recommendations include two Buys, six Holds, and one Sell.
• Asbury’s latest quarterly results exceeded expectations on earnings, reporting $6.82 in EPS versus the $6.31 consensus, although revenue of $4.38 billion fell short of estimates and EPS declined from $7.43 a year earlier.

Assenagon Asset Management S.A. purchased a new stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 9,774 shares of the company's stock, valued at approximately $1,965,000. Assenagon Asset Management S.A. owned 0.05% of Asbury Automotive Group as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of Asbury Automotive Group by 11.0% in the first quarter. AQR Capital Management LLC now owns 6,263 shares of the company's stock valued at $1,383,000 after buying an additional 619 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Asbury Automotive Group by 49.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company's stock worth $61,561,000 after acquiring an additional 91,767 shares in the last quarter. United Services Automobile Association acquired a new position in Asbury Automotive Group during the 1st quarter worth about $265,000. Empowered Funds LLC grew its holdings in shares of Asbury Automotive Group by 11.4% in the first quarter. Empowered Funds LLC now owns 7,639 shares of the company's stock valued at $1,687,000 after purchasing an additional 783 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Asbury Automotive Group by 3.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 51,239 shares of the company's stock valued at $11,316,000 after purchasing an additional 1,676 shares in the last quarter.

Insider Activity

In related news, Director B. Christopher Disantis acquired 157 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $182.31 per share, with a total value of $28,622.67. Following the transaction, the director owned 6,400 shares of the company's stock, valued at $1,166,784. The trade was a 2.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jed Milstein sold 948 shares of Asbury Automotive Group stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total value of $237,265.44. Following the completion of the transaction, the senior vice president owned 11,259 shares in the company, valued at $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on ABG shares. Barclays boosted their price target on shares of Asbury Automotive Group from $225.00 to $265.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 29th. UBS Group set a $250.00 price target on Asbury Automotive Group in a research report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their price objective on Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, August 4th. Morgan Stanley boosted their price objective on Asbury Automotive Group from $220.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Asbury Automotive Group in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of "Hold" and a consensus target price of $246.71.

Asbury Automotive Group Stock Up 0.5%

ABG stock opened at $210.47 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.29 and a debt-to-equity ratio of 0.77. The company's 50 day moving average is $210.82 and its two-hundred day moving average is $207.21. The stock has a market cap of $3.78 billion, a P/E ratio of 7.87, a PEG ratio of 0.81 and a beta of 0.71. Asbury Automotive Group, Inc. has a twelve month low of $172.01 and a twelve month high of $263.38.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $6.82 EPS for the quarter, topping analysts' consensus estimates of $6.31 by $0.51. The business had revenue of $4.38 billion for 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 was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $7.43 earnings per share. Research analysts expect that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current fiscal year.

Asbury Automotive Group Company Profile

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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