Robotti Robert Purchases New Position in Asbury Automotive Group, Inc. $ABG

Key Points

• Robotti Robert acquired 87,215 shares of Asbury Automotive Group in the second quarter, worth approximately $17.5 million. The position represents about 2.8% of its portfolio and 0.49% of Asbury’s outstanding shares.
• Asbury reported quarterly EPS of $6.82, exceeding analyst expectations of $6.31, while revenue rose 0.3% year over year to $4.38 billion but fell short of estimates.
• ABG shares opened at $203.94, down 2.2%, while analysts maintained a consensus “Hold” rating with an average price target of $246.71. An Asbury senior vice president also sold 948 shares at an average price of $250.28.

Robotti Robert acquired a new stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 87,215 shares of the company's stock, valued at approximately $17,537,000. Asbury Automotive Group makes up about 2.8% of Robotti Robert's portfolio, making the stock its 7th largest position. Robotti Robert owned 0.49% of Asbury Automotive Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in shares of Asbury Automotive Group in the 4th quarter valued at about $25,000. Quarry LP boosted its position in shares of Asbury Automotive Group by 319.2% in the 3rd quarter. Quarry LP now owns 109 shares of the company's stock valued at $27,000 after purchasing an additional 83 shares during the period. Torren Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter worth approximately $27,000. Bogart Wealth LLC grew its stake in 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 buying an additional 44 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its position in Asbury Automotive Group by 76.0% during the fourth quarter. Salomon & Ludwin LLC now owns 132 shares of the company's stock worth $32,000 after buying an additional 57 shares during the period.

Asbury Automotive Group Stock Down 2.2%

ABG stock opened at $203.94 on Wednesday. The stock has a market capitalization of $3.66 billion, a PE ratio of 7.63, a price-to-earnings-growth ratio of 0.81 and a beta of 0.71. Asbury Automotive Group, Inc. has a one year low of $172.01 and a one year high of $263.38. The company has a fifty day moving average of $211.54 and a 200-day moving average of $206.49. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.29 and a current ratio of 0.91.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $6.82 EPS for the quarter, beating 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 firm had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.49 billion. During the same quarter last year, the firm earned $7.43 earnings per share. The firm's revenue was up .3% compared to the same quarter last year. As a group, analysts expect that Asbury Automotive Group, Inc. will post 26.43 EPS for the current year.

Analyst Ratings Changes

ABG has been the subject of a number of research reports. Barclays boosted their price objective on Asbury Automotive Group from $225.00 to $265.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 29th. Stephens restated an "overweight" rating and set a $242.00 target price on shares of Asbury Automotive Group in a research report on Tuesday, June 2nd. Morgan Stanley lifted 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 report on Friday, August 7th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Asbury Automotive Group in a research report on Friday, July 24th. Finally, Citigroup upped their price target on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Asbury Automotive Group has a consensus rating of "Hold" and an average price target of $246.71.

Insider Activity

In other news, SVP Jed Milstein sold 948 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the senior vice president directly owned 11,259 shares of the company's stock, valued at $2,817,902.52. This trade represents a 7.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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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