Assenagon Asset Management S.A. Raises Holdings in Asbury Automotive Group, Inc. (NYSE:ABG)

Assenagon Asset Management S.A. increased its position in Asbury Automotive Group, Inc. (NYSE:ABG) by 366.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,586 shares of the company’s stock after buying an additional 148,910 shares during the period. Assenagon Asset Management S.A. owned 0.94% of Asbury Automotive Group worth $45,233,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new stake in Asbury Automotive Group in the 2nd quarter worth approximately $38,000. GAMMA Investing LLC increased its position in Asbury Automotive Group by 100.0% in the second quarter. GAMMA Investing LLC now owns 292 shares of the company’s stock worth $67,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Asbury Automotive Group during the second quarter valued at $155,000. Headlands Technologies LLC bought a new position in Asbury Automotive Group during the second quarter valued at $190,000. Finally, Innealta Capital LLC purchased a new position in shares of Asbury Automotive Group in the 2nd quarter worth $194,000.

Asbury Automotive Group Price Performance

ABG opened at $225.14 on Friday. The business has a fifty day moving average of $230.02 and a 200 day moving average of $231.19. The stock has a market cap of $4.54 billion, a P/E ratio of 8.20 and a beta of 1.16. The company has a quick ratio of 0.45, a current ratio of 1.25 and a debt-to-equity ratio of 1.05. Asbury Automotive Group, Inc. has a 52-week low of $178.40 and a 52-week high of $277.13.

Asbury Automotive Group (NYSE:ABG) last issued its earnings results on Friday, August 2nd. The company reported $6.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.31 by ($0.91). Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The company had revenue of $4.20 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same period in the prior year, the firm posted $8.95 earnings per share. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 26.01 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Impactive Capital Lp sold 8,353 shares of Asbury Automotive Group stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the completion of the sale, the insider now owns 2,008,649 shares of the company’s stock, valued at approximately $453,211,473.87. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Asbury Automotive Group news, CEO David W. Hult sold 500 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $227.18, for a total transaction of $113,590.00. Following the transaction, the chief executive officer now directly owns 56,834 shares in the company, valued at $12,911,548.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the transaction, the insider now directly owns 2,008,649 shares in the company, valued at $453,211,473.87. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ABG shares. StockNews.com downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Bank of America dropped their target price on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a report on Monday, October 14th. JPMorgan Chase & Co. increased their price target on Asbury Automotive Group from $230.00 to $265.00 and gave the company a “neutral” rating in a report on Tuesday, September 10th. Morgan Stanley raised shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $190.00 to $240.00 in a research note on Wednesday, September 25th. Finally, Stephens initiated coverage on shares of Asbury Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $251.20.

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.