JPMorgan Chase & Co. Cuts Holdings in Asbury Automotive Group, Inc. (NYSE:ABG)

JPMorgan Chase & Co. reduced its position in Asbury Automotive Group, Inc. (NYSE:ABG) by 51.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,727 shares of the company’s stock after selling 162,974 shares during the period. JPMorgan Chase & Co.’s holdings in Asbury Automotive Group were worth $37,393,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new position in shares of Asbury Automotive Group during the 3rd quarter valued at approximately $31,000. Quarry LP bought a new position in Asbury Automotive Group during the second quarter valued at $38,000. GAMMA Investing LLC grew its stake in shares of Asbury Automotive Group by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 393 shares of the company’s stock worth $94,000 after buying an additional 101 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Asbury Automotive Group in the 2nd quarter worth about $155,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Asbury Automotive Group during the 2nd quarter valued at about $190,000.

Asbury Automotive Group Price Performance

ABG opened at $236.52 on Tuesday. Asbury Automotive Group, Inc. has a 12-month low of $195.09 and a 12-month high of $277.13. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of 13.39 and a beta of 1.19. The business’s fifty day simple moving average is $251.63 and its 200-day simple moving average is $239.78.

Asbury Automotive Group (NYSE:ABG) last announced its earnings results on Tuesday, October 29th. The company reported $6.35 EPS for the quarter, missing analysts’ consensus estimates of $6.58 by ($0.23). Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the firm posted $8.12 earnings per share. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts anticipate that Asbury Automotive Group, Inc. will post 25.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ABG has been the subject of several analyst reports. StockNews.com raised Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Stephens initiated coverage on Asbury Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 price target for the company. Seaport Res Ptn cut shares of Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Morgan Stanley raised shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $190.00 to $240.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Asbury Automotive Group currently has a consensus rating of “Hold” and an average target price of $256.20.

Asbury Automotive Group Company 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.