Man Group plc Takes Position in Asbury Automotive Group, Inc. $ABG

Key Points

• Man Group plc acquired 15,952 Asbury Automotive Group shares worth approximately $3.2 million, representing 0.09% of the company. Several other institutional investors also increased or initiated positions.
• Analyst sentiment is mixed, with two Buy ratings, six Holds, and one Sell; the consensus rating is Hold with an average price target of $246.71.
• Asbury reported quarterly EPS of $6.82, beating estimates of $6.31, while revenue reached $4.38 billion. Shares opened at $211.11, versus a 52-week range of $172.01 to $262.67.

Man Group plc acquired a new position in shares of Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 15,952 shares of the company's stock, valued at approximately $3,208,000. Man Group plc owned 0.09% of Asbury Automotive Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new position in Asbury Automotive Group during the 4th quarter worth $25,000. Quarry LP grew its stake in shares of Asbury Automotive Group by 319.2% in the third quarter. Quarry LP now owns 109 shares of the company's stock worth $27,000 after purchasing an additional 83 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Asbury Automotive Group by 69.2% during the second quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock valued at $31,000 after purchasing an additional 54 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Asbury Automotive Group by 76.5% during the fourth quarter. Farther Finance Advisors LLC now owns 143 shares of the company's stock valued at $33,000 after purchasing an additional 62 shares during the period. Finally, Global Retirement Partners LLC bought a new stake in shares of Asbury Automotive Group during the second quarter valued at about $34,000.

Wall Street Analyst Weigh In

ABG has been the subject of several research analyst reports. Stephens reaffirmed an "overweight" rating and issued a $242.00 price objective on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. Morgan Stanley raised their target price on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Citigroup upped their price target on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. UBS Group set a $250.00 price objective on shares of Asbury Automotive Group in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. dropped their target price on Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating on the stock in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $246.71.

Asbury Automotive Group Stock Performance

NYSE:ABG opened at $211.11 on Tuesday. The company has a 50-day moving average of $214.31 and a 200-day moving average of $205.37. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 0.81 and a beta of 0.71. The company has a current ratio of 0.91, a quick ratio of 0.29 and a debt-to-equity ratio of 0.77. Asbury Automotive Group, Inc. has a twelve month low of $172.01 and a twelve month high of $262.67.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $6.82 EPS 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 business had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.49 billion. During the same period in the previous year, the firm earned $7.43 EPS. The business's revenue for the quarter was up .3% on a year-over-year basis. Analysts forecast that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current fiscal year.

Insider Transactions at Asbury Automotive Group

In other Asbury Automotive Group news, SVP Jed Milstein sold 948 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $250.28, for a total value of $237,265.44. Following the transaction, the senior vice president owned 11,259 shares of the company's stock, valued at approximately $2,817,902.52. This represents a 7.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.75% of the company's stock.

Asbury Automotive Group Company 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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