Magnolia Group LLC Acquires 8,731 Shares of Asbury Automotive Group, Inc. $ABG

Key Points

• Magnolia Group LLC increased its stake in Asbury Automotive Group by 3.1% in the first quarter, buying 8,731 more shares and bringing its total to 288,004 shares worth about $56.3 million.
• Other major institutional investors also added to or established positions, including Dimensional Fund Advisors, State Street, Norges Bank, Thrivent Financial, and Goldman Sachs, signaling continued institutional interest in the stock.
• Asbury Automotive recently posted weaker-than-expected earnings, missing analyst estimates on both EPS and revenue, while analysts currently rate the stock a consensus Hold with an average price target of $232.

Magnolia Group LLC lifted its holdings in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 3.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 288,004 shares of the company's stock after purchasing an additional 8,731 shares during the period. Asbury Automotive Group accounts for about 10.5% of Magnolia Group LLC's portfolio, making the stock its 4th largest position. Magnolia Group LLC owned 1.49% of Asbury Automotive Group worth $56,279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in Asbury Automotive Group by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,122,322 shares of the company's stock worth $260,980,000 after buying an additional 18,154 shares in the last quarter. State Street Corp grew its holdings in Asbury Automotive Group by 1.2% during the 4th quarter. State Street Corp now owns 781,228 shares of the company's stock worth $181,659,000 after acquiring an additional 9,535 shares during the last quarter. Norges Bank acquired a new stake in Asbury Automotive Group in the 4th quarter valued at about $77,963,000. Thrivent Financial for Lutherans raised its stake in shares of Asbury Automotive Group by 106.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company's stock worth $68,842,000 after acquiring an additional 152,669 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Asbury Automotive Group by 49.1% in the first quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company's stock worth $61,561,000 after acquiring an additional 91,767 shares during the last quarter.

Insider Activity

In related news, Director B. Christopher Disantis bought 157 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was bought at an average cost of $182.31 per share, for a total transaction of $28,622.67. Following the transaction, the director owned 6,400 shares of the company's stock, valued at $1,166,784. This represents a 2.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Citigroup decreased their price target on shares of Asbury Automotive Group from $260.00 to $212.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 8th. Barclays boosted their price objective on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 7th. Weiss Ratings downgraded Asbury Automotive Group from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, April 29th. UBS Group initiated coverage on Asbury Automotive Group in a research report on Wednesday, May 27th. They issued a "neutral" rating and a $202.00 price objective on the stock. Finally, Stephens reissued an "overweight" rating and issued a $242.00 target price on shares of Asbury Automotive Group in a research note on Tuesday, June 2nd. Two equities 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $232.00.

Asbury Automotive Group Stock Up 3.9%

NYSE:ABG opened at $205.82 on Friday. Asbury Automotive Group, Inc. has a 12-month low of $172.01 and a 12-month high of $274.50. The company has a quick ratio of 0.29, a current ratio of 0.94 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $3.83 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.09 and a beta of 0.74. The stock's fifty day simple moving average is $195.34 and its 200-day simple moving average is $212.26.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released 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 net margin of 3.05% and a return on equity of 13.39%. The company had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter in the prior year, the company posted $6.82 EPS. The company's revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts expect that Asbury Automotive Group, Inc. will post 25.7 earnings per share for the current year.

Asbury Automotive Group Profile

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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