Congress Asset Management Co. Acquires New Stake in Asbury Automotive Group, Inc. (NYSE:ABG)

Congress Asset Management Co. purchased a new position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,865 shares of the company's stock, valued at approximately $412,000.

Several other large investors have also modified their holdings of ABG. Madison Investment Advisors LLC purchased a new stake in shares of Asbury Automotive Group during the fourth quarter worth approximately $82,426,000. Norges Bank purchased a new stake in shares of Asbury Automotive Group during the fourth quarter worth approximately $82,079,000. Artisan Partners Limited Partnership purchased a new position in Asbury Automotive Group in the fourth quarter worth $51,118,000. GAMMA Investing LLC raised its position in Asbury Automotive Group by 30,639.2% in the first quarter. GAMMA Investing LLC now owns 129,412 shares of the company's stock worth $285,790,000 after acquiring an additional 128,991 shares in the last quarter. Finally, Eminence Capital LP raised its position in Asbury Automotive Group by 15.8% in the fourth quarter. Eminence Capital LP now owns 787,775 shares of the company's stock worth $191,453,000 after acquiring an additional 107,317 shares in the last quarter.

Asbury Automotive Group Price Performance

Asbury Automotive Group stock traded down $7.33 during trading hours on Friday, hitting $232.35. The stock had a trading volume of 104,795 shares, compared to its average volume of 200,310. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.20 and a quick ratio of 0.41. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 10.80 and a beta of 0.96. Asbury Automotive Group, Inc. has a 1-year low of $201.68 and a 1-year high of $312.56. The stock's fifty day moving average is $227.12 and its two-hundred day moving average is $246.09.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its 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 firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.31 billion. Asbury Automotive Group had a net margin of 2.50% and a return on equity of 16.29%. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the company posted $7.21 EPS. As a group, analysts predict that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ABG has been the subject of several research analyst reports. Bank of America initiated coverage on Asbury Automotive Group in a research report on Wednesday, May 28th. They issued a "buy" rating and a $325.00 price objective for the company. Craig Hallum cut Asbury Automotive Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Wall Street Zen upgraded Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Citigroup initiated coverage on Asbury Automotive Group in a research report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on Asbury Automotive Group from $290.00 to $250.00 and set a "neutral" rating for the company in a research report on Thursday, March 27th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $261.83.

Asbury Automotive Group Company Profile

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.