Bank of New York Mellon Corp Sells 5,818 Shares of Asbury Automotive Group, Inc. $ABG

Key Points

• Bank of New York Mellon reduced its Asbury Automotive Group stake by 4.1%, selling 5,818 shares and retaining 136,644 shares valued at approximately $26.7 million.
• Asbury reported quarterly EPS of $5.37, below the $5.62 consensus estimate, while revenue of $4.11 billion also fell short of expectations and declined 0.9% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $233.12; shares recently traded at $227.30, up 0.9%.

Bank of New York Mellon Corp cut its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 4.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 136,644 shares of the company's stock after selling 5,818 shares during the period. Bank of New York Mellon Corp owned 0.71% of Asbury Automotive Group worth $26,702,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in shares of Asbury Automotive Group during the fourth quarter valued at approximately $25,000. Quarry LP boosted its holdings in shares of Asbury Automotive Group by 319.2% during the 3rd quarter. Quarry LP now owns 109 shares of the company's stock valued at $27,000 after buying an additional 83 shares in the last quarter. Torren Management LLC purchased a new stake in shares of Asbury Automotive Group in the 4th quarter worth about $27,000. Bogart Wealth LLC grew its position in shares of Asbury Automotive Group by 52.4% in the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company's stock worth $30,000 after buying an additional 44 shares during the period. Finally, Salomon & Ludwin LLC increased its stake in shares of Asbury Automotive Group by 76.0% in the 4th quarter. Salomon & Ludwin LLC now owns 132 shares of the company's stock worth $32,000 after acquiring an additional 57 shares in the last quarter.

Asbury Automotive Group Trading Up 0.9%

Shares of NYSE:ABG opened at $227.30 on Tuesday. The company has a market cap of $4.23 billion, a P/E ratio of 8.05, a PEG ratio of 1.30 and a beta of 0.74. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.94 and a quick ratio of 0.29. Asbury Automotive Group, Inc. has a 1 year low of $172.01 and a 1 year high of $263.38. The stock's fifty day moving average price is $201.83 and its 200-day moving average price is $209.52.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $5.37 EPS for the quarter, missing the consensus estimate of $5.62 by ($0.25). Asbury Automotive Group had a net margin of 3.05% and a return on equity of 13.39%. The business had revenue of $4.11 billion for the quarter, compared to analysts' expectations of $4.37 billion. During the same period last year, the business earned $6.82 earnings per share. The company's quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts expect that Asbury Automotive Group, Inc. will post 26.26 earnings per share for the current year.

Insider Transactions at Asbury Automotive Group

In related news, Director B. Christopher Disantis purchased 157 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $182.31 per share, with a total value of $28,622.67. Following the acquisition, the director directly owned 6,400 shares in the company, valued at $1,166,784. The trade was a 2.51% increase in their position. The transaction 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.

Wall Street Analysts Forecast Growth

ABG has been the subject of a number of analyst reports. Morgan Stanley set a $220.00 target price on shares of Asbury Automotive Group in a research note on Thursday, May 7th. Weiss Ratings cut Asbury Automotive Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, April 29th. UBS Group upped their price target on Asbury Automotive Group from $202.00 to $221.00 and gave the stock a "neutral" rating in a research note on Friday, July 10th. Citigroup reduced their price objective on Asbury Automotive Group from $260.00 to $212.00 and set a "neutral" rating for the company in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. lowered their price objective on Asbury Automotive Group from $235.00 to $220.00 and set an "underweight" rating for the company in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $233.12.

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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