Norges Bank Acquires Shares of 335,282 Asbury Automotive Group, Inc. $ABG

Key Points

• Norges Bank disclosed a new stake in Asbury Automotive Group, buying 335,282 shares valued at about $77.96 million, which represented 1.72% of the company.
• Asbury Automotive Group recently reported quarterly earnings of $5.37 per share, missing analyst expectations, while revenue of $4.11 billion also came in below estimates.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating with an average target price of $232, even as some firms lowered targets and others maintained bullish views.

Norges Bank acquired a new stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 335,282 shares of the company's stock, valued at approximately $77,963,000. Norges Bank owned 1.72% of Asbury Automotive Group as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new position in shares of Asbury Automotive Group during the 4th quarter worth $27,000. Quarry LP increased its stake in shares of Asbury Automotive Group by 319.2% during the 3rd quarter. Quarry LP now owns 109 shares of the company's stock worth $27,000 after purchasing an additional 83 shares during the last quarter. Bogart Wealth LLC increased its stake in shares of Asbury Automotive Group by 52.4% during the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company's stock worth $30,000 after purchasing an additional 44 shares during the last quarter. Osaic Holdings Inc. increased its stake in shares of Asbury Automotive Group by 69.2% during the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock worth $31,000 after purchasing an additional 54 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its stake in shares of Asbury Automotive Group by 76.0% during the 4th quarter. Salomon & Ludwin LLC now owns 132 shares of the company's stock worth $32,000 after purchasing an additional 57 shares during the last quarter.

Asbury Automotive Group Stock Performance

NYSE:ABG opened at $190.95 on Friday. Asbury Automotive Group, Inc. has a 1 year low of $172.01 and a 1 year high of $274.50. The firm's fifty day simple moving average is $195.77 and its 200 day simple moving average is $216.67. The company has a current ratio of 0.94, a quick ratio of 0.29 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $3.56 billion, a PE ratio of 6.76, a PEG ratio of 1.05 and a beta of 0.74.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $5.37 earnings per share (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 firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same quarter in the previous year, the business posted $6.82 earnings per share. The business's quarterly revenue was down .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 25.68 EPS for the current year.

Insiders Place Their Bets

In related news, Director B. Christopher Disantis purchased 157 shares of Asbury Automotive Group stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $182.31 per share, with a total value of $28,622.67. Following the acquisition, the director directly owned 6,400 shares in the company, valued at approximately $1,166,784. This trade represents a 2.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.75% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently commented on ABG shares. Citigroup dropped 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. Bank of America started coverage on shares of Asbury Automotive Group in a research note on Wednesday, March 4th. They set a "buy" rating on the stock. Stephens reiterated an "overweight" rating and issued a $242.00 target price on shares of Asbury Automotive Group in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. lowered their target price on shares of Asbury Automotive Group from $235.00 to $220.00 and set an "underweight" rating on the stock in a research note on Thursday, May 7th. Finally, Barclays raised their target price on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 7th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $232.00.

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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