Deutsche Bank AG Buys Shares of 21,603 Asbury Automotive Group, Inc. $ABG

Key Points

• Deutsche Bank initiated a stake of 21,603 Asbury Automotive Group shares valued at approximately $4.34 million, while several other institutional investors also increased their holdings.
• Asbury shares opened at $215.40, up 2.2%, after the company reported quarterly EPS of $6.82, beating analyst estimates of $6.31. Revenue reached $4.38 billion, slightly below expectations.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $246.71; targets ranged from $190 at JPMorgan to $265 at Barclays.

Deutsche Bank AG purchased a new stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 21,603 shares of the company's stock, valued at approximately $4,344,000. Deutsche Bank AG owned about 0.12% of Asbury Automotive Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of ABG. AQR Capital Management LLC lifted its position in Asbury Automotive Group by 11.0% during the first quarter. AQR Capital Management LLC now owns 6,263 shares of the company's stock valued at $1,383,000 after acquiring an additional 619 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Asbury Automotive Group by 49.1% in the first 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 purchased a new position in shares of Asbury Automotive Group in the first quarter worth $265,000. Empowered Funds LLC lifted its stake in shares of 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 period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Asbury Automotive Group by 3.4% during 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 valued at $11,316,000 after buying an additional 1,676 shares during the last quarter.

Asbury Automotive Group Stock Up 2.2%

Shares of NYSE ABG opened at $215.40 on Wednesday. Asbury Automotive Group, Inc. has a 1 year low of $172.01 and a 1 year high of $263.38. The company has a market capitalization of $3.87 billion, a P/E ratio of 8.06, a P/E/G ratio of 0.81 and a beta of 0.71. The company has a 50 day simple moving average of $213.03 and a 200-day simple moving average of $205.75. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.91 and a quick ratio of 0.29.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $6.82 earnings per share for the quarter, topping analysts' consensus estimates of $6.31 by $0.51. The business had revenue of $4.38 billion during the quarter, compared to analysts' expectations of $4.49 billion. Asbury Automotive Group had a return on equity of 12.72% and a net margin of 2.83%.The company's revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $7.43 EPS. On average, equities research analysts predict that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current year.

Insider Buying and Selling

In other Asbury Automotive Group news, SVP Jed Milstein sold 948 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total transaction of $237,265.44. Following the completion of the transaction, the senior vice president owned 11,259 shares of the company's stock, valued at $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, August 4th. Barclays increased their price objective on shares of Asbury Automotive Group from $225.00 to $265.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 29th. Citigroup boosted their target price on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Asbury Automotive Group in a report on Friday, July 24th. Finally, Morgan Stanley increased their price target on Asbury Automotive Group from $220.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Asbury Automotive Group currently has a consensus rating of "Hold" and a consensus target price of $246.71.

About Asbury Automotive Group

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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