Nuveen LLC Acquires Shares of 81,155 Asbury Automotive Group, Inc. $ABG

Key Points

• Nuveen LLC acquired a new stake in Asbury Automotive Group, purchasing 81,155 shares valued at approximately $17.9 million, representing about 0.41% ownership as of its latest SEC filing.
• Asbury Automotive Group's stock received an upgrade from Wall Street Zen from a "hold" to a "buy" rating, with analysts projecting a consensus price target of $254.00.
• The company recently reported $7.43 EPS for the last quarter, exceeding expectations, with a revenue of $4.37 billion, which shows a 3.0% year-over-year increase.

Nuveen LLC bought a new stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 81,155 shares of the company's stock, valued at approximately $17,922,000. Nuveen LLC owned approximately 0.41% of Asbury Automotive Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in Asbury Automotive Group by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,108,176 shares of the company's stock valued at $269,322,000 after purchasing an additional 9,688 shares in the last quarter. Eminence Capital LP lifted its holdings in Asbury Automotive Group by 15.8% in the 4th quarter. Eminence Capital LP now owns 787,775 shares of the company's stock valued at $191,453,000 after purchasing an additional 107,317 shares in the last quarter. Madison Asset Management LLC lifted its holdings in Asbury Automotive Group by 10.1% in the 1st quarter. Madison Asset Management LLC now owns 373,320 shares of the company's stock valued at $82,444,000 after purchasing an additional 34,160 shares in the last quarter. Northern Trust Corp lifted its holdings in Asbury Automotive Group by 9.1% in the 4th quarter. Northern Trust Corp now owns 239,007 shares of the company's stock valued at $58,086,000 after purchasing an additional 19,923 shares in the last quarter. Finally, Magnolia Group LLC lifted its holdings in Asbury Automotive Group by 50.6% in the 1st quarter. Magnolia Group LLC now owns 224,623 shares of the company's stock valued at $49,606,000 after purchasing an additional 75,500 shares in the last quarter.

Analysts Set New Price Targets

ABG has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, May 12th. JPMorgan Chase & Co. cut their price objective on shares of Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating on the stock in a report on Tuesday, August 5th. Morgan Stanley increased their price objective on shares of Asbury Automotive Group from $225.00 to $230.00 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Bank of America increased their price objective on shares of 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 shares of Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $225.00 to $277.00 in a report on Wednesday, August 13th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $254.00.

Insider Buying and Selling

In related news, SVP Jed Milstein sold 1,132 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $253.26, for a total transaction of $286,690.32. Following the completion of the sale, the senior vice president owned 11,267 shares of the company's stock, valued at approximately $2,853,480.42. This represents a 9.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Juanita T. James sold 625 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total transaction of $152,562.50. Following the sale, the director directly owned 6,855 shares of the company's stock, valued at approximately $1,673,305.50. This trade represents a 8.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,157 shares of company stock valued at $541,013. 0.53% of the stock is currently owned by corporate insiders.

Asbury Automotive Group Trading Down 0.4%

Shares of ABG stock traded down $1.0250 during trading hours on Monday, hitting $252.7950. 133,459 shares of the company were exchanged, compared to its average volume of 226,077. The firm has a fifty day moving average of $240.23 and a 200 day moving average of $239.66. The firm has a market cap of $4.97 billion, a PE ratio of 9.23, a PEG ratio of 1.68 and a beta of 0.87. Asbury Automotive Group, Inc. has a 1 year low of $201.68 and a 1 year high of $312.56. The company has a quick ratio of 0.49, a current ratio of 1.30 and a debt-to-equity ratio of 0.78.

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

Asbury Automotive Group Company Profile

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.