Federated Hermes Inc. Lowers Stake in Asbury Automotive Group, Inc. (NYSE:ABG)

Key Points

• Federated Hermes Inc. reduced its holdings in Asbury Automotive Group by 14.3%, owning 6,546 shares worth approximately $1.45 million at the end of the first quarter.
• Asbury Automotive Group reported a quarterly EPS of $7.43, surpassing analysts' expectations of $6.82, while its revenue was $4.37 billion, slightly below projections.
• Analysts have mixed ratings on Asbury Automotive Group, with an average rating of "Hold" and a consensus price target of $253.00, reflecting a range of target prices set by different firms.

Federated Hermes Inc. cut its stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 14.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,546 shares of the company's stock after selling 1,092 shares during the period. Federated Hermes Inc.'s holdings in Asbury Automotive Group were worth $1,446,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ABG. Allspring Global Investments Holdings LLC bought a new stake in shares of Asbury Automotive Group during the first quarter worth $262,000. New York State Teachers Retirement System grew its stake in shares of Asbury Automotive Group by 13.7% in the first quarter. New York State Teachers Retirement System now owns 14,846 shares of the company's stock worth $3,279,000 after purchasing an additional 1,787 shares during the last quarter. GAMMA Investing LLC grew its stake 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. TD Asset Management Inc bought a new stake in shares of Asbury Automotive Group in the first quarter worth $6,037,000. Finally, SG Americas Securities LLC bought a new stake in shares of Asbury Automotive Group in the first quarter worth $1,111,000.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Bank of America boosted their price objective on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Wall Street Zen raised shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Citigroup assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 target price on the stock. Cfra set a $225.00 target price on shares of Asbury Automotive Group in a report on Tuesday, July 29th. 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. One research 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, the stock presently has a consensus rating of "Hold" and a consensus price target of $253.00.

Asbury Automotive Group Stock Down 0.9%

Shares of NYSE ABG traded down $2.12 during trading on Friday, hitting $221.87. 142,035 shares of the company traded hands, compared to its average volume of 229,704. The business's fifty day moving average is $238.95 and its 200 day moving average is $243.36. Asbury Automotive Group, Inc. has a fifty-two week low of $201.68 and a fifty-two week high of $312.56. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 8.10, a P/E/G ratio of 1.48 and a beta of 0.87. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.49 and a current ratio of 1.30.

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 for the quarter, beating the consensus estimate of $6.82 by $0.61. The firm had revenue of $4.37 billion for 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%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.40 earnings per share. Equities research analysts predict that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

About Asbury Automotive Group

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.