GoodHaven Capital Management LLC Raises Stake in Asbury Automotive Group, Inc. $ABG

by · The Markets Daily

GoodHaven Capital Management LLC boosted its position in shares of Asbury Automotive Group, Inc. (NYSE:ABG – Free Report) by 29.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 56,450 shares of the company’s stock after acquiring an additional 12,689 shares during the period. Asbury Automotive Group accounts for about 3.6% of GoodHaven Capital Management LLC’s portfolio, making the stock its 13th biggest holding. GoodHaven Capital Management LLC’s holdings in Asbury Automotive Group were worth $11,351,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in shares of Asbury Automotive Group by 11.0% during the 1st quarter. AQR Capital Management LLC now owns 6,263 shares of the company’s stock worth $1,383,000 after purchasing an additional 619 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Asbury Automotive Group by 49.1% in the first quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company’s stock valued at $61,561,000 after purchasing an additional 91,767 shares in the last quarter. United Services Automobile Association acquired a new position in Asbury Automotive Group in the first quarter valued at approximately $265,000. Empowered Funds LLC increased its stake in Asbury Automotive Group by 11.4% in the first quarter. Empowered Funds LLC now owns 7,639 shares of the company’s stock valued at $1,687,000 after purchasing an additional 783 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Asbury Automotive Group by 3.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 51,239 shares of the company’s stock valued at $11,316,000 after purchasing an additional 1,676 shares during the last quarter.

Asbury Automotive Group Stock Performance

NYSE:ABG traded down $4.85 during midday trading on Tuesday, reaching $212.41. The stock had a trading volume of 226,887 shares, compared to its average volume of 245,249. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 0.77. The stock has a market cap of $3.81 billion, a P/E ratio of 7.94, a P/E/G ratio of 0.84 and a beta of 0.71. The firm has a fifty day simple moving average of $215.43 and a two-hundred day simple moving average of $204.80. Asbury Automotive Group, Inc. has a 12-month low of $172.01 and a 12-month high of $258.95.

Asbury Automotive Group (NYSE:ABG – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $6.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.31 by $0.51. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.49 billion. Asbury Automotive Group had a net margin of 2.83% and a return on equity of 12.72%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $7.43 earnings per share. On average, equities analysts expect that Asbury Automotive Group, Inc. will post 26.43 EPS for the current year.

Insiders Place Their Bets

In other Asbury Automotive Group news, SVP Jed Milstein sold 948 shares of Asbury Automotive Group stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $250.28, for a total value of $237,265.44. Following the sale, the senior vice president owned 11,259 shares of the company’s stock, valued at approximately $2,817,902.52. The trade was a 7.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ABG. Morgan Stanley boosted their price objective on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Seaport Research Partners upgraded shares of Asbury Automotive Group from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Asbury Automotive Group in a research note on Friday, July 24th. Citigroup increased their price objective on Asbury Automotive Group from $212.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Finally, Barclays raised their target price on shares of Asbury Automotive Group from $225.00 to $265.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has 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 $246.71.

Check Out Our Latest Research Report on Asbury Automotive Group

Asbury Automotive Group Company Profile

(Free Report)

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.

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