Empowered Funds LLC Invests $2.10 Million in Asbury Automotive Group, Inc. $ABG

Key Points

• Empowered Funds LLC acquired 10,446 shares of Asbury Automotive Group worth approximately $2.1 million, giving it a 0.06% stake at the end of the second quarter.
• Analyst sentiment remains mixed, with two Buy, six Hold and one Sell rating; the consensus rating is Hold with a $246.71 price target.
• Asbury reported quarterly EPS of $6.82, beating estimates of $6.31, while revenue reached $4.38 billion and increased 0.3% year over year. Shares opened at $215.12, below the 12-month high of $262.67.

Empowered Funds LLC bought a new position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,446 shares of the company's stock, valued at approximately $2,100,000. Empowered Funds LLC owned about 0.06% of Asbury Automotive Group at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ABG. Los Angeles Capital Management LLC bought a new position in Asbury Automotive Group during the fourth quarter worth $25,000. Quarry LP raised its position in shares of Asbury Automotive Group by 319.2% in the third quarter. Quarry LP now owns 109 shares of the company's stock valued at $27,000 after purchasing an additional 83 shares during the period. Osaic Holdings Inc. raised its position in shares of Asbury Automotive Group by 69.2% in the second quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock valued at $31,000 after purchasing an additional 54 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Asbury Automotive Group by 76.5% during the 4th quarter. Farther Finance Advisors LLC now owns 143 shares of the company's stock worth $33,000 after buying an additional 62 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in shares of Asbury Automotive Group during the 2nd quarter worth about $34,000.

Analyst Upgrades and Downgrades

ABG has been the subject of several research analyst reports. Stephens reaffirmed an "overweight" rating and set a $242.00 target price on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. UBS Group set a $250.00 price objective on shares of Asbury Automotive Group in a research report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their price objective on Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating for the company in a report on Tuesday, August 4th. Citigroup upped their target price on Asbury Automotive Group from $212.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Finally, Barclays increased their target price on 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. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $246.71.

Asbury Automotive Group Stock Performance

NYSE ABG opened at $215.12 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $3.86 billion, a P/E ratio of 8.04, a P/E/G ratio of 0.82 and a beta of 0.71. Asbury Automotive Group, Inc. has a 12-month low of $172.01 and a 12-month high of $262.67. The firm has a 50-day moving average price of $214.88 and a two-hundred day moving average price of $204.96.

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

Insider Buying and Selling

In other news, SVP Jed Milstein sold 948 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total value of $237,265.44. Following the completion of the transaction, the senior vice president directly owned 11,259 shares in the company, valued at approximately $2,817,902.52. The trade was a 7.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Asbury Automotive Group Profile

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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