Citigroup Inc. Sells 11,861 Shares of Asbury Automotive Group, Inc. $ABG

Key Points

• Citigroup cut its stake in Asbury Automotive Group by 48%, selling 11,861 shares and retaining 12,869 shares (about 0.07% of the company) valued at roughly $3.15 million at quarter-end.
• Asbury missed expectations for the latest quarter with EPS of $6.67 (vs. $6.70 est.) and revenue of $4.68 billion (vs. $4.93 billion est.); the company has a market capitalization of $4.0 billion and a P/E of 8.28.
• Analyst sentiment is mixed: the consensus rating is Hold with a $247.57 average price target, though Barclays lowered its target to $230 and rated the stock "reduce" while Bank of America initiated coverage at "buy".

Citigroup Inc. cut its holdings in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 48.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,869 shares of the company's stock after selling 11,861 shares during the period. Citigroup Inc. owned about 0.07% of Asbury Automotive Group worth $3,146,000 at the end of the most recent quarter.

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

Asbury Automotive Group Price Performance

Asbury Automotive Group stock opened at $207.75 on Friday. The firm has a market capitalization of $4.00 billion, a P/E ratio of 8.28 and a beta of 0.81. Asbury Automotive Group, Inc. has a one year low of $201.68 and a one year high of $274.50. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.95 and a quick ratio of 0.35. The business has a fifty day moving average price of $233.66 and a 200-day moving average price of $237.92.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.70 by ($0.03). Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter in the previous year, the firm posted $7.26 earnings per share. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Wall Street Analyst Weigh In

ABG has been the subject of several research analyst reports. Barclays decreased their price target on shares of Asbury Automotive Group from $250.00 to $230.00 and set a "reduce" rating for the company in a research note on Friday, February 6th. Bank of America assumed coverage on Asbury Automotive Group in a report on Wednesday. They set a "buy" rating for the company. Weiss Ratings lowered Asbury Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, February 23rd. Zacks Research downgraded Asbury Automotive Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 11th. Finally, Morgan Stanley set a $230.00 price objective on Asbury Automotive Group in a report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $247.57.

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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