The Manufacturers Life Insurance Company Purchases New Holdings in Asbury Automotive Group, Inc. $ABG

Key Points

• The Manufacturers Life Insurance Company acquired 10,212 shares of Asbury Automotive Group worth approximately $2.05 million, representing about 0.06% of the company. Several other institutional investors also recently increased or initiated positions.
• Analysts maintain a generally cautious outlook: ABG has a consensus “Hold” rating from nine analysts and an average price target of $246.71, though JPMorgan cut its target to $190 while Barclays raised its target to $265.
• Asbury reported quarterly EPS of $6.82, beating estimates of $6.31, while revenue of $4.38 billion fell short of expectations. Shares opened at $213.40, up 1.9%, with a market capitalization of approximately $3.83 billion.

The Manufacturers Life Insurance Company acquired a new position in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,212 shares of the company's stock, valued at approximately $2,053,000. The Manufacturers Life Insurance Company owned about 0.06% of Asbury Automotive Group at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ABG. Los Angeles Capital Management LLC purchased a new position in shares of Asbury Automotive Group in the fourth quarter valued at approximately $25,000. Quarry LP increased its position in shares of Asbury Automotive Group by 319.2% during 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. raised its stake in Asbury Automotive Group by 69.2% in the 2nd 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 last quarter. Farther Finance Advisors LLC raised its stake in Asbury Automotive Group by 76.5% in the 4th 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 last quarter. Finally, Global Retirement Partners LLC purchased a new position in Asbury Automotive Group in the 2nd quarter valued at $34,000.

Analyst Ratings Changes

Several brokerages have issued reports on ABG. JPMorgan Chase & Co. lowered their target price on shares of Asbury Automotive Group from $220.00 to $190.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 4th. UBS Group set a $250.00 price target on shares of Asbury Automotive Group in a research note on Wednesday, July 29th. Barclays boosted their price target on shares of Asbury Automotive Group from $225.00 to $265.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Asbury Automotive Group in a research note on Friday, July 24th. Finally, Morgan Stanley increased their price objective 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. Two 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, Asbury Automotive Group currently has a consensus rating of "Hold" and an average target price of $246.71.

Insider Buying and Selling

In other 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 $2,817,902.52. This represents a 7.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.75% of the stock is owned by corporate insiders.

Asbury Automotive Group Stock Up 1.9%

Shares of NYSE ABG opened at $213.40 on Thursday. The company has a market capitalization of $3.83 billion, a P/E ratio of 7.98, a P/E/G ratio of 0.81 and a beta of 0.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.91 and a quick ratio of 0.29. The company has a 50 day simple moving average of $214.63 and a 200-day simple moving average of $205.07. Asbury Automotive Group, Inc. has a 1 year low of $172.01 and a 1 year high of $262.67.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released 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. The firm had revenue of $4.38 billion for the quarter, compared to analysts' expectations of $4.49 billion. Asbury Automotive Group had a return on equity of 12.72% and a net margin of 2.83%.The firm's quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $7.43 earnings per share. On average, equities research analysts predict that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current year.

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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