Madison Asset Management LLC Makes New $60.59 Million Investment in Asbury Automotive Group, Inc. $ABG

Key Points

• Madison Asset Management acquired 301,332 Asbury Automotive Group shares worth approximately $60.6 million, representing about 1.68% of the company. Several other institutional investors also initiated or increased positions during the second quarter.
• Analyst sentiment remains broadly neutral: ABG has an average rating of “Hold” and an average price target of $246.71, with targets ranging from $190 to $265.
• Asbury reported quarterly earnings of $6.82 per share, exceeding estimates of $6.31, while revenue reached $4.38 billion. Shares recently opened at $213.65, up 4.8%, with a market capitalization of approximately $3.84 billion.

Madison Asset Management LLC acquired a new position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 301,332 shares of the company's stock, valued at approximately $60,592,000. Madison Asset Management LLC owned approximately 1.68% of Asbury Automotive Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ABG. Denali Advisors LLC lifted its position in Asbury Automotive Group by 25.9% in the second quarter. Denali Advisors LLC now owns 37,922 shares of the company's stock worth $7,625,000 after purchasing an additional 7,800 shares during the period. Robotti Robert bought a new stake in Asbury Automotive Group in the 2nd quarter valued at $17,537,000. BlackRock Inc. bought a new stake in Asbury Automotive Group in the 2nd quarter valued at $593,499,000. Deutsche Bank AG acquired a new position in shares of Asbury Automotive Group in the 2nd quarter valued at $4,344,000. Finally, Global Retirement Partners LLC bought a new position in shares of Asbury Automotive Group during the 2nd quarter worth about $34,000.

Analyst Ratings Changes

A number of research firms recently weighed in on ABG. Weiss Ratings reissued a "hold (c-)" rating on shares of Asbury Automotive Group in a research note on Friday, July 24th. Barclays raised their price target on shares of 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. Citigroup lifted their price objective on Asbury Automotive Group from $212.00 to $250.00 and gave the company a "neutral" rating in a report on Friday, July 31st. JPMorgan Chase & Co. lowered their price objective on Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 4th. Finally, Stephens reissued an "overweight" rating and issued a $242.00 target price on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Asbury Automotive Group currently has an average rating of "Hold" and an average target price of $246.71.

Insider Buying and Selling at Asbury Automotive Group

In related 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 owned 11,259 shares in the company, valued at $2,817,902.52. The trade was a 7.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Asbury Automotive Group Stock Up 4.8%

Shares of NYSE:ABG opened at $213.65 on Thursday. 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 firm has a market cap of $3.84 billion, a P/E ratio of 7.99, a P/E/G ratio of 0.78 and a beta of 0.71. Asbury Automotive Group, Inc. has a 12 month low of $172.01 and a 12 month high of $263.38. The company's 50-day moving average price is $211.84 and its two-hundred day moving average price is $206.33.

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