Asbury Automotive Group, Inc. $ABG Shares Sold by Eminence Capital LP

Key Points

• Eminence Capital LP has reduced its position in Asbury Automotive Group by 6.5%, now holding 736,621 shares valued at approximately $162.7 million.
• Asbury Automotive Group reported a quarterly EPS of $7.43, surpassing analyst estimates, while revenue reached $4.37 billion, which was slightly below expectations.
• Analyst ratings on Asbury Automotive Group vary, with the stock receiving upgrades and downgrades, resulting in a consensus rating of "Hold" and an average target price of $254.00.

Eminence Capital LP cut its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 6.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 736,621 shares of the company's stock after selling 51,154 shares during the period. Asbury Automotive Group comprises about 2.7% of Eminence Capital LP's investment portfolio, making the stock its 16th largest position. Eminence Capital LP owned 3.75% of Asbury Automotive Group worth $162,675,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ABG. Versant Capital Management Inc grew its holdings in shares of Asbury Automotive Group by 43.9% in the first quarter. Versant Capital Management Inc now owns 164 shares of the company's stock worth $36,000 after purchasing an additional 50 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Asbury Automotive Group in the first quarter worth about $49,000. GAMMA Investing LLC grew its holdings in shares of Asbury Automotive Group by 39.2% in the first quarter. GAMMA Investing LLC now owns 586 shares of the company's stock worth $129,000 after purchasing an additional 165 shares during the last quarter. CWM LLC grew its holdings in shares of Asbury Automotive Group by 7.5% in the first quarter. CWM LLC now owns 858 shares of the company's stock worth $189,000 after purchasing an additional 60 shares during the last quarter. Finally, TD Private Client Wealth LLC bought a new position in shares of Asbury Automotive Group in the first quarter worth about $197,000.

Analysts Set New Price Targets

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

Asbury Automotive Group Stock Performance

Shares of Asbury Automotive Group stock traded down $3.88 during midday trading on Monday, hitting $253.60. The company had a trading volume of 137,068 shares, compared to its average volume of 199,307. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 1.70 and a beta of 0.89. The company has a quick ratio of 0.49, a current ratio of 1.30 and a debt-to-equity ratio of 0.78. The company has a fifty day simple moving average of $243.05 and a 200 day simple moving average of $236.94. Asbury Automotive Group, Inc. has a 12-month low of $201.68 and a 12-month high of $312.56.

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

Insider Activity at Asbury Automotive Group

In related news, SVP Dean Calloway sold 400 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $254.40, for a total value of $101,760.00. Following the completion of the transaction, the senior vice president directly owned 5,295 shares of the company's stock, valued at $1,347,048. This trade represents a 7.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Maureen F. Morrison sold 800 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $255.61, for a total transaction of $204,488.00. Following the completion of the transaction, the director directly owned 5,824 shares of the company's stock, valued at $1,488,672.64. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,957 shares of company stock valued at $745,501. Company insiders own 0.53% of the company's stock.

Asbury Automotive Group 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.