Simcoe Capital Management LLC Trims Stake in Asbury Automotive Group, Inc. $ABG

Simcoe Capital Management LLC cut its holdings in Asbury Automotive Group, Inc. (NYSE:ABG) by 54.8% during the 3rd quarter, Holdings Channel reports. The fund owned 77,070 shares of the company’s stock after selling 93,385 shares during the period. Asbury Automotive Group comprises 2.7% of Simcoe Capital Management LLC’s portfolio, making the stock its 13th biggest holding. Simcoe Capital Management LLC’s holdings in Asbury Automotive Group were worth $18,840,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Abrams Capital Management L.P. grew its position in shares of Asbury Automotive Group by 2.2% during the 3rd quarter. Abrams Capital Management L.P. now owns 2,155,492 shares of the company’s stock valued at $526,910,000 after acquiring an additional 46,952 shares during the period. Dimensional Fund Advisors LP raised its holdings in Asbury Automotive Group by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,104,168 shares of the company’s stock worth $269,906,000 after purchasing an additional 5,757 shares during the period. Eminence Capital LP raised its holdings in Asbury Automotive Group by 36.0% in the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock worth $239,055,000 after purchasing an additional 265,539 shares during the period. Timucuan Asset Management Inc. FL lifted its position in Asbury Automotive Group by 1.5% during the second quarter. Timucuan Asset Management Inc. FL now owns 724,082 shares of the company’s stock valued at $172,723,000 after purchasing an additional 10,924 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Asbury Automotive Group by 0.7% during the second quarter. Geode Capital Management LLC now owns 472,476 shares of the company’s stock valued at $112,717,000 after purchasing an additional 3,437 shares in the last quarter.

Insider Activity

In other Asbury Automotive Group news, Director B. Christopher Disantis bought 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $202.30 per share, with a total value of $101,150.00. Following the purchase, the director owned 5,400 shares of the company’s stock, valued at $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Asbury Automotive Group Trading Down 0.2%

Shares of Asbury Automotive Group stock opened at $196.37 on Friday. Asbury Automotive Group, Inc. has a fifty-two week low of $194.80 and a fifty-two week high of $274.50. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.35 and a current ratio of 0.95. The company has a market capitalization of $3.78 billion, a P/E ratio of 7.83 and a beta of 0.81. The company has a fifty day moving average of $229.34 and a 200 day moving average of $236.04.

Asbury Automotive Group (NYSE:ABG) last posted 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). Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The business had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the business earned $7.26 earnings per share. Asbury Automotive Group’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.