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 trimmed its stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 736,621 shares of the company's stock after selling 51,154 shares during the quarter. Asbury Automotive Group makes up 2.7% of Eminence Capital LP's investment portfolio, making the stock its 16th largest position. Eminence Capital LP owned approximately 3.75% of Asbury Automotive Group worth $162,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Timucuan Asset Management Inc. FL grew its position in shares of Asbury Automotive Group by 0.7% in the 1st quarter. Timucuan Asset Management Inc. FL now owns 713,158 shares of the company's stock worth $157,494,000 after buying an additional 5,284 shares during the last quarter. Madison Asset Management LLC boosted its position in shares of Asbury Automotive Group by 10.1% during the first quarter. Madison Asset Management LLC now owns 373,320 shares of the company's stock valued at $82,444,000 after purchasing an additional 34,160 shares in the last quarter. Northern Trust Corp boosted its position in shares of Asbury Automotive Group by 9.1% during the fourth quarter. Northern Trust Corp now owns 239,007 shares of the company's stock valued at $58,086,000 after purchasing an additional 19,923 shares in the last quarter. Magnolia Group LLC boosted its position in shares of Asbury Automotive Group by 50.6% during the first quarter. Magnolia Group LLC now owns 224,623 shares of the company's stock valued at $49,606,000 after purchasing an additional 75,500 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Asbury Automotive Group by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 213,996 shares of the company's stock valued at $47,259,000 after purchasing an additional 2,230 shares in the last quarter.

Insider Buying and Selling

In other Asbury Automotive Group news, Director Juanita T. James sold 625 shares of Asbury Automotive Group stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total transaction of $152,562.50. Following the completion of the transaction, the director owned 6,855 shares in the company, valued at approximately $1,673,305.50. This trade represents a 8.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jed Milstein sold 1,132 shares of the business's 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,957 shares of company stock worth $745,501. Corporate insiders own 0.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ABG shares. Bank of America lifted their price objective on Asbury Automotive Group from $325.00 to $335.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Stephens upgraded Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $225.00 to $277.00 in a report on Wednesday, August 13th. JPMorgan Chase & Co. reduced their price target on Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating for the company in a report on Tuesday, August 5th. Cfra set a $225.00 price target on Asbury Automotive Group in a report on Tuesday, July 29th. Finally, Wall Street Zen upgraded Asbury Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $254.00.

Asbury Automotive Group Trading Down 1.0%

Shares of NYSE ABG traded down $2.46 during midday trading on Tuesday, hitting $251.91. The company's stock had a trading volume of 32,334 shares, compared to its average volume of 198,319. The company has a current ratio of 1.30, a quick ratio of 0.49 and a debt-to-equity ratio of 0.78. The business's 50 day moving average is $243.36 and its two-hundred day moving average is $236.78. Asbury Automotive Group, Inc. has a 12-month low of $201.68 and a 12-month high of $312.56. The firm has a market cap of $4.95 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 quarterly earnings data on Tuesday, July 29th. The company reported $7.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.82 by $0.61. The company had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.44 billion. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 3.13%.Asbury Automotive Group's revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.40 earnings per share. As a group, equities research analysts expect that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

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.