HITE Hedge Asset Management LLC Invests $3.43 Million in Asbury Automotive Group, Inc. $ABG

HITE Hedge Asset Management LLC purchased a new position in Asbury Automotive Group, Inc. (NYSE:ABG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,016 shares of the company’s stock, valued at approximately $3,426,000.

Other institutional investors also recently added to or reduced their stakes in the company. Osaic Holdings Inc. increased its holdings in 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 last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Asbury Automotive Group by 64.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 206 shares of the company’s stock valued at $49,000 after acquiring an additional 81 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Asbury Automotive Group by 104.2% in the second quarter. EverSource Wealth Advisors LLC now owns 337 shares of the company’s stock valued at $80,000 after acquiring an additional 172 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Asbury Automotive Group by 466.7% during the 3rd quarter. Bessemer Group Inc. now owns 442 shares of the company’s stock valued at $107,000 after acquiring an additional 364 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Asbury Automotive Group by 17.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 470 shares of the company’s stock valued at $113,000 after acquiring an additional 71 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings cut shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 23rd. Bank of America started coverage on Asbury Automotive Group in a report on Wednesday, March 4th. They set a “buy” rating for the company. Barclays decreased their target price on Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating for the company in a research report on Friday, February 6th. Finally, Morgan Stanley set a $230.00 target price on Asbury Automotive Group in a research note on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $247.57.

Insider Transactions at Asbury Automotive Group

In other Asbury Automotive Group news, Director B. Christopher Disantis bought 500 shares of the stock in a transaction on Tuesday, March 10th. The shares were acquired at an average price of $202.30 per share, with a total value of $101,150.00. Following the acquisition, the director directly owned 5,400 shares of the company’s stock, valued at $1,092,420. The trade was a 10.20% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is owned by insiders.

Asbury Automotive Group Price Performance

ABG opened at $196.41 on Friday. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 7.83 and a beta of 0.81. The company has a quick ratio of 0.35, a current ratio of 0.95 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $230.10 and a 200-day moving average price of $236.43. Asbury Automotive Group, Inc. has a twelve month low of $195.17 and a twelve month high of $274.50.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings results on Thursday, February 5th. The company reported $6.67 EPS for the quarter, missing analysts’ consensus estimates of $6.70 by ($0.03). The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.93 billion. Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $7.26 earnings per share. Equities analysts expect that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Asbury Automotive Group Company Profile

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.