Man Group plc Makes New Investment in Asbury Automotive Group, Inc. $ABG

Man Group plc acquired a new stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG) in the second quarter, Holdings Channel reports. The fund acquired 15,952 shares of the company’s stock, valued at approximately $3,208,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Asbury Automotive Group in the 2nd quarter valued at approximately $593,499,000. Thrivent Financial for Lutherans grew its position in Asbury Automotive Group by 106.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company’s stock worth $68,842,000 after purchasing an additional 152,669 shares in the last quarter. Fieldview Capital Management LLC purchased a new position in Asbury Automotive Group during the 4th quarter worth approximately $3,336,000. Fifth Third Bancorp raised its stake in Asbury Automotive Group by 13,382.1% during the 1st quarter. Fifth Third Bancorp now owns 21,032 shares of the company’s stock valued at $4,110,000 after purchasing an additional 20,876 shares during the period. Finally, Norges Bank acquired a new stake in Asbury Automotive Group during the 4th quarter valued at $77,963,000.

Asbury Automotive Group Stock Down 0.2%

ABG stock opened at $211.11 on Tuesday. The company has a 50 day moving average of $214.31 and a two-hundred day moving average of $205.37. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 0.81 and a beta of 0.71. Asbury Automotive Group, Inc. has a 12-month low of $172.01 and a 12-month high of $262.67. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 0.77.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $6.82 EPS for the quarter, beating the consensus estimate 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 business had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.49 billion. During the same period in the previous year, the company posted $7.43 EPS. Asbury Automotive Group’s revenue was up .3% on a year-over-year basis. On average, equities analysts anticipate that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Jed Milstein sold 948 shares of Asbury Automotive Group stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $250.28, for a total transaction of $237,265.44. Following the completion of the sale, the senior vice president owned 11,259 shares of the company’s stock, valued at approximately $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ABG. Morgan Stanley raised their target price on Asbury Automotive Group from $220.00 to $230.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. UBS Group set a $250.00 price target on Asbury Automotive Group in a research report on Wednesday, July 29th. Citigroup increased their price objective on Asbury Automotive Group from $212.00 to $250.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Stephens restated an “overweight” rating and set a $242.00 price objective on shares of Asbury Automotive Group in a research report on Tuesday, June 2nd. Finally, Barclays lifted their target price 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. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $246.71.

Asbury Automotive Group 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.