Bridges Investment Management Inc. Buys New Shares in Asbury Automotive Group, Inc. (NYSE:ABG)

Bridges Investment Management Inc. bought a new stake in Asbury Automotive Group, Inc. (NYSE:ABG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,337 shares of the company’s stock, valued at approximately $760,000.

Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in Asbury Automotive Group by 26.4% during the 1st quarter. BNP Paribas Financial Markets now owns 20,221 shares of the company’s stock worth $4,768,000 after purchasing an additional 4,224 shares during the period. Foundry Partners LLC grew its position in Asbury Automotive Group by 11.7% during the 1st quarter. Foundry Partners LLC now owns 21,040 shares of the company’s stock worth $4,961,000 after purchasing an additional 2,198 shares during the period. Natixis acquired a new stake in Asbury Automotive Group during the 1st quarter worth about $896,000. Boston Partners acquired a new stake in Asbury Automotive Group during the 1st quarter worth about $878,000. Finally, Quadrature Capital Ltd grew its position in Asbury Automotive Group by 147.1% during the 4th quarter. Quadrature Capital Ltd now owns 18,037 shares of the company’s stock worth $4,063,000 after purchasing an additional 10,737 shares during the period.

Asbury Automotive Group Trading Down 1.1 %

ABG stock opened at $224.95 on Friday. The firm has a market cap of $4.54 billion, a P/E ratio of 8.20 and a beta of 1.16. Asbury Automotive Group, Inc. has a 52-week low of $178.40 and a 52-week high of $277.13. The company’s 50-day simple moving average is $236.79 and its 200-day simple moving average is $229.47. 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 (NYSE:ABG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $6.40 earnings per share for the quarter, missing analysts’ consensus estimates of $7.31 by ($0.91). The company had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted $8.95 earnings per share. As a group, equities analysts forecast that Asbury Automotive Group, Inc. will post 26.99 EPS for the current fiscal year.

Insider Activity at Asbury Automotive Group

In related news, 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 value of $1,884,687.39. Following the transaction, the insider now directly owns 2,008,649 shares of the company’s stock, valued at approximately $453,211,473.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 value of $1,884,687.39. Following the transaction, the insider now directly owns 2,008,649 shares of the company’s stock, valued at approximately $453,211,473.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Hult sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $227.18, for a total transaction of $113,590.00. Following the completion of the transaction, the chief executive officer now directly owns 56,834 shares in the company, valued at $12,911,548.12. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ABG. JPMorgan Chase & Co. increased their price target on Asbury Automotive Group from $230.00 to $265.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 10th. Morgan Stanley increased their target price on shares of Asbury Automotive Group from $185.00 to $190.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 14th. StockNews.com lowered shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. Finally, Stephens initiated coverage on shares of Asbury Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $216.00 target price on the stock. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $225.25.

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.