The Manufacturers Life Insurance Company Takes $2.05 Million Position in Asbury Automotive Group, Inc. $ABG

The Manufacturers Life Insurance Company acquired a new position in Asbury Automotive Group, Inc. (NYSE:ABG) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 10,212 shares of the company’s stock, valued at approximately $2,053,000.

Other hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in Asbury Automotive Group in the fourth quarter valued at approximately $25,000. Quarry LP lifted its stake in Asbury Automotive Group by 319.2% during the third quarter. Quarry LP now owns 109 shares of the company’s stock worth $27,000 after purchasing an additional 83 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Asbury Automotive Group by 69.2% during the second quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock worth $31,000 after buying an additional 54 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Asbury Automotive Group by 76.5% during the fourth quarter. Farther Finance Advisors LLC now owns 143 shares of the company’s stock worth $33,000 after buying an additional 62 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in shares of Asbury Automotive Group in the second quarter valued at $34,000.

Insiders Place Their Bets

In related news, SVP Jed Milstein sold 948 shares of Asbury Automotive Group stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total value of $237,265.44. Following the completion of the transaction, the senior vice president owned 11,259 shares in the company, valued at $2,817,902.52. The trade was a 7.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. UBS Group set a $250.00 price objective on Asbury Automotive Group in a report on Wednesday, July 29th. Morgan Stanley lifted their target price on Asbury Automotive Group from $220.00 to $230.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Asbury Automotive Group from $220.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 4th. Citigroup increased their price target on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, Stephens reissued an “overweight” rating and issued a $242.00 price objective on shares of Asbury Automotive Group in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Asbury Automotive Group presently has a consensus rating of “Hold” and an average target price of $246.71.

Asbury Automotive Group Trading Up 1.9%

ABG opened at $213.40 on Thursday. The business has a fifty day moving average price of $214.63 and a 200 day moving average price of $205.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.91 and a quick ratio of 0.29. Asbury Automotive Group, Inc. has a 12 month low of $172.01 and a 12 month high of $262.67. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of 7.98, a PEG ratio of 0.81 and a beta of 0.71.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $6.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.31 by $0.51. Asbury Automotive Group had a return on equity of 12.72% and a net margin of 2.83%.The company had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.49 billion. During the same quarter last year, the company earned $7.43 EPS. Asbury Automotive Group’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts expect that Asbury Automotive Group, Inc. will post 26.43 earnings per share for the current fiscal year.

About Asbury Automotive Group

Asbury Automotive Group, Inc (NYSE:ABG) is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.

In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.