Victory Capital Management Inc. Buys 12,648 Shares of Asbury Automotive Group, Inc. (NYSE:ABG)

Key Points

• Victory Capital Management Inc. increased its holdings in Asbury Automotive Group by 73.5% during the first quarter, acquiring an additional 12,648 shares to reach a total of 29,865 shares valued at approximately $6.6 million.
• Asbury Automotive Group reported a net margin of 2.42% and a revenue of $4.15 billion for the quarter, which fell short of analysts' estimates.
• Despite the earnings miss, analysts hold a consensus rating of "Hold" with a target price of $259.33 for Asbury Automotive Group's stock.

Victory Capital Management Inc. grew its stake in Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) by 73.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,865 shares of the company's stock after purchasing an additional 12,648 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Asbury Automotive Group worth $6,595,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Asbury Automotive Group in the 4th quarter valued at $25,000. Versant Capital Management Inc raised its holdings in Asbury Automotive Group by 43.9% in the first quarter. Versant Capital Management Inc now owns 164 shares of the company's stock worth $36,000 after purchasing an additional 50 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Asbury Automotive Group by 9.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 484 shares of the company's stock worth $117,000 after purchasing an additional 41 shares during the period. GAMMA Investing LLC raised its holdings in Asbury Automotive Group by 39.2% in the first quarter. GAMMA Investing LLC now owns 586 shares of the company's stock worth $129,000 after purchasing an additional 165 shares during the period. Finally, Headlands Technologies LLC raised its holdings in Asbury Automotive Group by 275.2% in the fourth quarter. Headlands Technologies LLC now owns 604 shares of the company's stock worth $147,000 after purchasing an additional 443 shares during the period.

Analysts Set New Price Targets

ABG has been the topic of several analyst reports. Bank of America increased their target price 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. JPMorgan Chase & Co. lowered shares of Asbury Automotive Group from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $235.00 to $225.00 in a report on Thursday, July 17th. Citigroup began coverage on shares of Asbury Automotive Group in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 target price on the stock. Finally, Wall Street Zen raised shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $259.33.

Asbury Automotive Group Stock Up 1.9%

Asbury Automotive Group stock traded up $4.51 during mid-day trading on Friday, reaching $237.08. The company's stock had a trading volume of 121,145 shares, compared to its average volume of 167,277. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 1.54 and a beta of 0.96. Asbury Automotive Group, Inc. has a 12 month low of $201.68 and a 12 month high of $312.56. The business's 50 day simple moving average is $239.61 and its 200 day simple moving average is $244.87. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.55 and a current ratio of 1.25.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $6.82 earnings per share for the quarter, missing analysts' consensus estimates of $6.84 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.31 billion. Asbury Automotive Group had a net margin of 2.42% and a return on equity of 15.41%. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the business posted $7.21 EPS. As a group, research analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current year.

Asbury Automotive Group 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.