Bayforest Capital Ltd Raises Holdings in Asbury Automotive Group, Inc. $ABG

by · The Cerbat Gem

Bayforest Capital Ltd increased its stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG – Free Report) by 143.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,817 shares of the company’s stock after buying an additional 1,662 shares during the quarter. Bayforest Capital Ltd’s holdings in Asbury Automotive Group were worth $672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABG. GAMMA Investing LLC grew its holdings in shares of Asbury Automotive Group by 39.2% during the first quarter. GAMMA Investing LLC now owns 586 shares of the company’s stock worth $129,000 after buying an additional 165 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Asbury Automotive Group during the first quarter worth about $1,111,000. Advisor Resource Council purchased a new position in shares of Asbury Automotive Group during the first quarter worth about $455,000. Illinois Municipal Retirement Fund grew its holdings in shares of Asbury Automotive Group by 73.2% during the first quarter. Illinois Municipal Retirement Fund now owns 18,820 shares of the company’s stock worth $4,156,000 after buying an additional 7,953 shares during the last quarter. Finally, Highland Capital Management LLC grew its holdings in shares of Asbury Automotive Group by 23.8% during the first quarter. Highland Capital Management LLC now owns 1,099 shares of the company’s stock worth $243,000 after buying an additional 211 shares during the last quarter.

Insider Activity

In other Asbury Automotive Group news, SVP Jed Milstein sold 1,132 shares of Asbury Automotive Group stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $253.26, for a total value of $286,690.32. Following the completion of the sale, the senior vice president directly owned 11,267 shares of the company’s stock, valued at approximately $2,853,480.42. The trade was a 9.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Juanita T. James sold 625 shares of Asbury Automotive Group stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total transaction of $152,562.50. Following the completion of the sale, the director directly owned 6,855 shares of the company’s stock, valued at $1,673,305.50. The trade was a 8.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,957 shares of company stock valued at $745,501 over the last quarter. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Asbury Automotive Group from $225.00 to $230.00 and gave the stock an “equal weight” rating in a report on Thursday, August 14th. Bank of America reduced their price objective on shares of Asbury Automotive Group from $335.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, September 10th. Citigroup restated a “neutral” rating on shares of Asbury Automotive Group in a research report on Thursday, September 25th. JPMorgan Chase & Co. reduced their price objective on shares of Asbury Automotive Group from $225.00 to $215.00 and set an “underweight” rating for the company in a research report on Tuesday, August 5th. Finally, Cfra set a $225.00 price objective on shares of Asbury Automotive Group in a research report on Tuesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $249.00.

Get Our Latest Stock Analysis on ABG

Asbury Automotive Group Trading Up 1.6%

Shares of ABG opened at $238.92 on Tuesday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.30 and a quick ratio of 0.49. The firm has a 50 day simple moving average of $244.36 and a 200-day simple moving average of $236.32. Asbury Automotive Group, Inc. has a 1-year low of $201.68 and a 1-year high of $312.56. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 8.73, a price-to-earnings-growth ratio of 1.51 and a beta of 0.85.

Asbury Automotive Group (NYSE:ABG – Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $7.43 earnings per share for the quarter, topping analysts’ consensus estimates of $6.82 by $0.61. Asbury Automotive Group had a net margin of 3.13% and a return on equity of 15.41%. The business had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $4.44 billion. During the same period last year, the company posted $6.40 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Equities analysts forecast that Asbury Automotive Group, Inc. will post 26.28 EPS for the current fiscal year.

Asbury Automotive Group Company Profile

(Free Report)

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.

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