Envestnet Asset Management Inc. Buys 8,429 Shares of Asbury Automotive Group, Inc. (NYSE:ABG)

Key Points

• Envestnet Asset Management Inc. increased its stake in Asbury Automotive Group by 68.6%, owning 20,708 shares valued at around $4.57 million.
• Several institutional investors, including Dimensional Fund Advisors and Eminence Capital, have also increased their holdings in Asbury Automotive Group during the fourth quarter.
• Asbury Automotive Group's stock has been assigned an average rating of "Hold" by analysts, with a current average price target of $259.33.

Envestnet Asset Management Inc. increased its holdings in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 68.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,708 shares of the company's stock after purchasing an additional 8,429 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of Asbury Automotive Group worth $4,573,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. CIBC Private Wealth Group LLC raised its holdings in Asbury Automotive Group by 9.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 484 shares of the company's stock worth $117,000 after purchasing an additional 41 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Asbury Automotive Group by 2.0% in the 4th quarter. Bank of Montreal Can now owns 2,502 shares of the company's stock worth $608,000 after acquiring an additional 48 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Asbury Automotive Group by 43.9% in the 1st quarter. Versant Capital Management Inc now owns 164 shares of the company's stock worth $36,000 after acquiring an additional 50 shares in the last quarter. Vista Finance LLC increased its stake in shares of Asbury Automotive Group by 7.0% in the 1st quarter. Vista Finance LLC now owns 982 shares of the company's stock worth $217,000 after acquiring an additional 64 shares in the last quarter. Finally, Mariner LLC increased its stake in shares of Asbury Automotive Group by 3.7% in the 4th quarter. Mariner LLC now owns 1,856 shares of the company's stock worth $451,000 after acquiring an additional 67 shares in the last quarter.

Wall Street Analysts Forecast Growth

ABG has been the subject of several research reports. Wall Street Zen upgraded shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Citigroup started coverage on shares of Asbury Automotive Group in a research note on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 price target for the company. Bank of America increased their price objective on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, JPMorgan Chase & Co. downgraded shares of Asbury Automotive Group from a "neutral" rating to an "underweight" rating and cut their price objective for the company from $235.00 to $225.00 in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Asbury Automotive Group presently has an average rating of "Hold" and an average target price of $259.33.

Asbury Automotive Group Stock Performance

Shares of ABG traded down $5.25 on Tuesday, reaching $223.95. The company's stock had a trading volume of 52,277 shares, compared to its average volume of 200,229. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 0.55. The stock has a market capitalization of $4.40 billion, a P/E ratio of 10.49, a PEG ratio of 1.61 and a beta of 0.96. The stock's 50 day simple moving average is $239.51 and its two-hundred day simple moving average is $244.85. 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 posted its quarterly earnings data on Tuesday, July 29th. The company reported $7.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.75 by $0.68. Asbury Automotive Group had a net margin of 2.42% and a return on equity of 15.41%. The business's revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business earned $6.40 EPS. Research analysts forecast that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Asbury Automotive Group Company 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.