Bridges Investment Management Inc. Boosts Holdings in Asbury Automotive Group, Inc. (NYSE:ABG)

Bridges Investment Management Inc. increased its holdings in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 119.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,641 shares of the company's stock after buying an additional 4,695 shares during the period. Bridges Investment Management Inc.'s holdings in Asbury Automotive Group were worth $1,908,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Madison Investment Advisors LLC bought a new position in Asbury Automotive Group in the fourth quarter worth about $82,426,000. Norges Bank purchased a new position in shares of Asbury Automotive Group in the 4th quarter worth approximately $82,079,000. Artisan Partners Limited Partnership bought a new position in shares of Asbury Automotive Group during the 4th quarter worth approximately $51,118,000. GAMMA Investing LLC lifted its position in Asbury Automotive Group by 30,639.2% during the first quarter. GAMMA Investing LLC now owns 129,412 shares of the company's stock valued at $285,790,000 after acquiring an additional 128,991 shares during the last quarter. Finally, Eminence Capital LP increased its position in shares of Asbury Automotive Group by 15.8% during the fourth quarter. Eminence Capital LP now owns 787,775 shares of the company's stock worth $191,453,000 after purchasing an additional 107,317 shares in the last quarter.

Asbury Automotive Group Stock Performance

ABG stock traded down $3.22 during midday trading on Friday, hitting $262.75. 92,103 shares of the stock traded hands, compared to its average volume of 197,852. Asbury Automotive Group, Inc. has a 1-year low of $201.68 and a 1-year high of $312.56. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 0.55. The stock's fifty day simple moving average is $237.55 and its 200-day simple moving average is $245.06. The firm has a market cap of $5.17 billion, a P/E ratio of 12.51, a PEG ratio of 1.71 and a beta of 0.96.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $6.82 earnings per share for the quarter, missing the consensus estimate of $6.84 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $4.31 billion. Asbury Automotive Group had a net margin of 2.42% and a return on equity of 15.41%. Asbury Automotive Group's revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $7.21 EPS. On average, analysts expect that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on ABG. JPMorgan Chase & Co. reduced their target price on Asbury Automotive Group from $290.00 to $250.00 and set a "neutral" rating on the stock in a research report on Thursday, March 27th. Bank of America upped their price objective on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the company a "buy" rating in a report on Monday, June 16th. Citigroup assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, April 23rd. They set a "neutral" rating and a $236.00 target price for the company. Finally, Wall Street Zen raised shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $263.50.

About Asbury Automotive Group

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.