Comerica Bank Has $4.39 Million Position in Asbury Automotive Group, Inc. $ABG

Key Points

• Comerica Bank more than doubled its stake in Asbury Automotive (ABG) in Q4 to 18,880 shares — a 103.1% increase — valued at $4.39 million (about 0.10% of the company).
• Asbury missed its latest quarter, reporting EPS of $5.37 vs. $5.62 expected and revenue of $4.11 billion vs. $4.37 billion, with EPS down from $6.82 a year earlier and a net margin of 3.05%.
• Analysts are mixed: the consensus rating is Hold with a $241.57 target, reflecting 2 Buys, 5 Holds and 1 Sell amid recent price-target revisions.

Comerica Bank lifted its position in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 103.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 18,880 shares of the company's stock after purchasing an additional 9,586 shares during the quarter. Comerica Bank owned 0.10% of Asbury Automotive Group worth $4,390,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Quarry LP boosted its position in Asbury Automotive Group by 319.2% in the third 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. Osaic Holdings Inc. raised its holdings in shares of Asbury Automotive Group by 69.2% in the second quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock valued at $31,000 after buying an additional 54 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Asbury Automotive Group by 76.0% during the 4th quarter. Salomon & Ludwin LLC now owns 132 shares of the company's stock worth $32,000 after acquiring an additional 57 shares during the last quarter. eCIO Inc. bought a new position in shares of Asbury Automotive Group in the fourth quarter worth about $33,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Asbury Automotive Group by 76.5% during the fourth quarter. Farther Finance Advisors LLC now owns 143 shares of the company's stock worth $33,000 after purchasing an additional 62 shares in the last quarter.

Insider Buying and Selling

In related news, Director B. Christopher Disantis purchased 500 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was purchased at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the purchase, the director directly owned 5,400 shares in the company, valued at $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.75% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ABG shares. Weiss Ratings cut shares of Asbury Automotive Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday. Stephens dropped their price objective on Asbury Automotive Group from $277.00 to $254.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. Barclays increased their price objective on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the company an "equal weight" rating in a report on Tuesday, April 7th. Bank of America began coverage on shares of Asbury Automotive Group in a research report on Wednesday, March 4th. They set a "buy" rating for the company. Finally, Citigroup decreased their price objective on Asbury Automotive Group from $260.00 to $212.00 and set a "neutral" rating for the company in a research note on Wednesday, April 8th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $241.57.

Asbury Automotive Group Price Performance

Shares of ABG opened at $202.66 on Friday. Asbury Automotive Group, Inc. has a twelve month low of $184.61 and a twelve month high of $274.50. The company has a 50 day moving average of $202.10 and a 200-day moving average of $224.31. The stock has a market capitalization of $3.91 billion, a P/E ratio of 7.17, a P/E/G ratio of 1.10 and a beta of 0.78. The company has a quick ratio of 0.35, a current ratio of 0.95 and a debt-to-equity ratio of 0.79.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $5.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.62 by ($0.25). The business had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.37 billion. Asbury Automotive Group had a net margin of 3.05% and a return on equity of 13.46%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.82 earnings per share. As a group, equities research analysts forecast that Asbury Automotive Group, Inc. will post 26.23 EPS 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.

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.