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

HITE Hedge Asset Management LLC acquired a new stake in Asbury Automotive Group, Inc. (NYSE:ABG) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 14,016 shares of the company’s stock, valued at approximately $3,426,000. HITE Hedge Asset Management LLC owned approximately 0.07% of Asbury Automotive Group at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Abrams Capital Management L.P. increased its position in shares of Asbury Automotive Group by 2.2% during the third quarter. Abrams Capital Management L.P. now owns 2,155,492 shares of the company’s stock worth $526,910,000 after acquiring an additional 46,952 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 valued at $269,906,000 after acquiring an additional 5,757 shares in the last quarter. Eminence Capital LP lifted its position 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 valued at $239,055,000 after acquiring an additional 265,539 shares in the last quarter. Timucuan Asset Management Inc. FL boosted its stake in Asbury Automotive Group by 1.5% during the 2nd 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 during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Asbury Automotive Group by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 472,476 shares of the company’s stock worth $112,717,000 after purchasing an additional 3,437 shares in the last quarter.

Insider Activity at Asbury Automotive Group

In other Asbury Automotive Group news, Director B. Christopher Disantis purchased 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average cost of $202.30 per share, with a total value of $101,150.00. Following the completion of the transaction, the director 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Weiss Ratings downgraded Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Morgan Stanley set a $230.00 target price on Asbury Automotive Group in a research report on Monday, December 8th. Bank of America started coverage on Asbury Automotive Group in a report on Wednesday, March 4th. They set a “buy” rating for the company. Finally, Barclays lowered their price target 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. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $247.57.

Asbury Automotive Group Trading Down 1.6%

Shares of ABG stock opened at $196.41 on Friday. 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 price-to-earnings ratio of 7.83 and a beta of 0.81. Asbury Automotive Group, Inc. has a 52-week low of $195.17 and a 52-week high of $274.50. The company has a 50-day simple moving average of $230.10 and a two-hundred day simple moving average of $236.43.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Thursday, February 5th. The company reported $6.67 EPS for the quarter, missing the consensus estimate of $6.70 by ($0.03). Asbury Automotive Group had a return on equity of 14.51% and a net margin of 2.73%.The firm 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 EPS. Asbury Automotive Group’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 EPS for the current fiscal 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.