Cubist Systematic Strategies LLC Purchases New Stake in Asbury Automotive Group, Inc. $ABG

Key Points

• Cubist Systematic Strategies LLC has invested approximately $5.21 million in Asbury Automotive Group, acquiring 23,600 shares during the first quarter.
• Insider transactions were noted, with Director Juanita T. James selling 625 shares for about $152,562.50, reflecting an 8.36% decrease in her ownership.
• Analysts have mixed ratings on Asbury Automotive Group, with a consensus rating of "Hold" and an average target price of $254.00.

Cubist Systematic Strategies LLC acquired a new position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 23,600 shares of the company's stock, valued at approximately $5,212,000. Cubist Systematic Strategies LLC owned about 0.12% of Asbury Automotive Group at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ABG. GAMMA Investing LLC lifted its stake 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 valued at $285,790,000 after buying an additional 128,991 shares in the last quarter. Eminence Capital LP lifted its position in 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 during the period. Nuveen LLC bought a new position in shares of Asbury Automotive Group in the first quarter worth about $17,922,000. Epoch Investment Partners Inc. increased its stake in shares of Asbury Automotive Group by 1,056.7% in the first quarter. Epoch Investment Partners Inc. now owns 86,756 shares of the company's stock valued at $19,159,000 after buying an additional 79,256 shares during the period. Finally, Magnolia Group LLC increased its stake in shares of Asbury Automotive Group by 50.6% in the first quarter. Magnolia Group LLC now owns 224,623 shares of the company's stock valued at $49,606,000 after buying an additional 75,500 shares during the period.

Asbury Automotive Group Price Performance

ABG traded down $2.13 during midday trading on Tuesday, hitting $252.24. The stock had a trading volume of 17,405 shares, compared to its average volume of 198,229. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.49 and a current ratio of 1.30. Asbury Automotive Group, Inc. has a 1 year low of $201.68 and a 1 year high of $312.56. The business has a fifty day moving average of $243.36 and a 200 day moving average of $236.78. The company has a market cap of $4.96 billion, a P/E ratio of 9.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.89.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $7.43 EPS for the quarter, beating analysts' consensus estimates of $6.82 by $0.61. The company had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.44 billion. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 3.13%.The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.40 earnings per share. As a group, equities analysts forecast that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ABG shares. Wall Street Zen raised shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Stephens upgraded Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $225.00 to $277.00 in a research note on Wednesday, August 13th. Morgan Stanley raised their price objective on Asbury Automotive Group from $225.00 to $230.00 and gave the company an "equal weight" rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. dropped their price objective on Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 5th. Finally, Cfra set a $225.00 target price on Asbury Automotive Group in a research note on Tuesday, July 29th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Asbury Automotive Group has an average rating of "Hold" and a consensus target price of $254.00.

Insiders Place Their Bets

In other Asbury Automotive Group news, Director Juanita T. James sold 625 shares of Asbury Automotive Group stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total value of $152,562.50. Following the sale, the director owned 6,855 shares of the company's stock, valued at $1,673,305.50. The trade was a 8.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jed Milstein sold 1,132 shares of Asbury Automotive Group stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $253.26, for a total value of $286,690.32. Following the completion of the transaction, the senior vice president owned 11,267 shares of the company's stock, valued at approximately $2,853,480.42. This trade represents a 9.13% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,957 shares of company stock valued at $745,501. 0.59% of the stock is currently owned by corporate insiders.

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.