HITE Hedge Asset Management LLC Increases Stock Holdings in Asbury Automotive Group, Inc. $ABG

Key Points

• HITE Hedge Asset Management increased its stake in Asbury Automotive Group by 143.2% in the fourth quarter, ending with 34,082 shares valued at about $7.9 million.
• Several other institutional investors also made small purchases or boosted holdings in ABG, signaling continued hedge fund interest in the stock.
• Wall Street remains cautious overall: analysts currently rate the stock a Hold on average, and Asbury recently missed earnings and revenue estimates for its latest quarter.

HITE Hedge Asset Management LLC boosted its position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 143.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,082 shares of the company's stock after acquiring an additional 20,066 shares during the quarter. HITE Hedge Asset Management LLC owned 0.18% of Asbury Automotive Group worth $7,925,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ABG. Los Angeles Capital Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter valued at about $25,000. Quarry LP boosted its holdings in Asbury Automotive Group by 319.2% during the 3rd quarter. Quarry LP now owns 109 shares of the company's stock valued at $27,000 after acquiring an additional 83 shares during the period. Torren Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter valued at about $27,000. Bogart Wealth LLC boosted its holdings in Asbury Automotive Group by 52.4% during the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company's stock valued at $30,000 after acquiring an additional 44 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in Asbury Automotive Group by 69.2% during the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock valued at $31,000 after acquiring an additional 54 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABG. Barclays raised their target price on Asbury Automotive Group from $230.00 to $235.00 and gave the company an "equal weight" rating in a report on Tuesday, April 7th. JPMorgan Chase & Co. lowered their target price on Asbury Automotive Group from $235.00 to $220.00 and set an "underweight" rating for the company in a report on Thursday, May 7th. Stephens restated an "overweight" rating and set a $242.00 target price on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. Citigroup lowered their price objective on Asbury Automotive Group from $260.00 to $212.00 and set a "neutral" rating for the company in a research report on Wednesday, April 8th. Finally, UBS Group assumed coverage on Asbury Automotive Group in a research report on Wednesday, May 27th. They set a "neutral" rating and a $202.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $232.00.

Insider Activity at Asbury Automotive Group

In related news, Director B. Christopher Disantis acquired 157 shares of the stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $182.31 per share, with a total value of $28,622.67. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at $1,166,784. This represents a 2.51% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.75% of the company's stock.

Asbury Automotive Group Stock Performance

Shares of Asbury Automotive Group stock opened at $199.29 on Friday. Asbury Automotive Group, Inc. has a one year low of $172.01 and a one year high of $274.50. The company has a market cap of $3.71 billion, a PE ratio of 7.05, a P/E/G ratio of 1.10 and a beta of 0.74. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.29 and a current ratio of 0.94. The business has a 50-day simple moving average of $196.08 and a 200-day simple moving average of $215.98.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $5.37 EPS for the quarter, missing analysts' consensus estimates of $5.62 by ($0.25). Asbury Automotive Group had a return on equity of 13.39% and a net margin of 3.05%.The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same period in the prior year, the firm posted $6.82 earnings per share. The business's quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that Asbury Automotive Group, Inc. will post 25.68 EPS for the current fiscal year.

About Asbury Automotive Group

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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