Asbury Automotive Group, Inc. (NYSE:ABG) Stock Position Cut by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in shares of Asbury Automotive Group, Inc. (NYSE:ABG) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,634 shares of the company’s stock after selling 170 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Asbury Automotive Group worth $2,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Cerity Partners LLC boosted its stake in Asbury Automotive Group by 36.7% during the 3rd quarter. Cerity Partners LLC now owns 6,064 shares of the company’s stock valued at $1,447,000 after purchasing an additional 1,628 shares in the last quarter. Citigroup Inc. boosted its stake in Asbury Automotive Group by 23.9% during the third quarter. Citigroup Inc. now owns 54,917 shares of the company’s stock valued at $13,103,000 after buying an additional 10,603 shares in the last quarter. Intech Investment Management LLC bought a new position in Asbury Automotive Group during the third quarter valued at about $1,223,000. PNC Financial Services Group Inc. grew its holdings in Asbury Automotive Group by 36.7% during the third quarter. PNC Financial Services Group Inc. now owns 4,126 shares of the company’s stock worth $984,000 after acquiring an additional 1,107 shares during the period. Finally, Natixis Advisors LLC bought a new stake in Asbury Automotive Group in the third quarter worth about $26,573,000.

Asbury Automotive Group Price Performance

Shares of NYSE:ABG opened at $258.98 on Monday. The company’s fifty day moving average is $243.74 and its two-hundred day moving average is $237.71. The company has a market cap of $5.07 billion, a P/E ratio of 14.66 and a beta of 1.18. Asbury Automotive Group, Inc. has a 12-month low of $195.09 and a 12-month high of $277.13. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ABG. StockNews.com raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Seaport Res Ptn cut Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Morgan Stanley upgraded Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $240.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their target price on Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Finally, Bank of America reduced 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. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $256.20.

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.