LPL Financial LLC Has $1.60 Million Stock Position in Asbury Automotive Group, Inc. $ABG

Key Points

• LPL Financial LLC increased its stake in Asbury Automotive Group by 56.1%, owning 7,242 shares valued at approximately $1.60 million by the end of the first quarter.
• Asbury Automotive Group's stock has seen fluctuations, currently priced at $239.59, with a market capitalization of $4.71 billion.
• The company reported an earnings per share of $7.43 for the last quarter, surpassing analyst expectations of $6.82, with revenue increasing by 3.0% compared to the previous year.

LPL Financial LLC lifted its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 56.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,242 shares of the company's stock after purchasing an additional 2,604 shares during the period. LPL Financial LLC's holdings in Asbury Automotive Group were worth $1,599,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ABG. Versant Capital Management Inc boosted its position 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 purchasing an additional 50 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Asbury Automotive Group by 39.2% in the 1st 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. CWM LLC boosted its position in shares of Asbury Automotive Group by 7.5% in the 1st quarter. CWM LLC now owns 858 shares of the company's stock worth $189,000 after purchasing an additional 60 shares during the last quarter. TD Private Client Wealth LLC bought a new position in shares of Asbury Automotive Group in the 1st quarter worth $197,000. Finally, Brucke Financial Inc. bought a new position in shares of Asbury Automotive Group in the 4th quarter worth $202,000.

Asbury Automotive Group Stock Up 0.8%

Shares of ABG traded up $2.02 during midday trading on Wednesday, hitting $256.38. The stock had a trading volume of 126,193 shares, compared to its average volume of 188,018. The company has a 50 day simple moving average of $241.05 and a two-hundred day simple moving average of $239.88. Asbury Automotive Group, Inc. has a twelve month low of $201.68 and a twelve month high of $312.56. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 1.68 and a beta of 0.87. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.30 and a quick ratio of 0.49.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $7.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.82 by $0.61. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 3.13%.The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter last year, the business posted $6.40 EPS. The company's revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ABG shares. Wall Street Zen upgraded Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Morgan Stanley lifted their target price on Asbury Automotive Group from $225.00 to $230.00 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. JPMorgan Chase & Co. reduced their target price on Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating on the stock in a report on Tuesday, August 5th. Bank of America lifted their target price on Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Finally, Stephens upgraded Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $225.00 to $277.00 in a report on Wednesday, August 13th. 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. Based on data from MarketBeat.com, Asbury Automotive Group presently has an average rating of "Hold" and an average price target of $254.00.

Insider Activity at Asbury Automotive Group

In related news, SVP Dean Calloway sold 400 shares of Asbury Automotive Group stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $254.40, for a total value of $101,760.00. Following the sale, the senior vice president owned 5,295 shares of the company's stock, valued at approximately $1,347,048. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Juanita T. James sold 625 shares of Asbury Automotive Group stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $244.10, for a total value of $152,562.50. Following the completion of the sale, the director directly owned 6,855 shares in the company, valued at approximately $1,673,305.50. This represents a 8.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,157 shares of company stock valued at $541,013. 0.59% of the stock is owned by insiders.

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.