Simcoe Capital Management LLC Decreases Stock Position 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, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,070 shares of the company’s stock after selling 93,385 shares during the quarter. Asbury Automotive Group accounts for approximately 2.7% of Simcoe Capital Management LLC’s holdings, making the stock its 13th largest position. Simcoe Capital Management LLC owned approximately 0.40% of Asbury Automotive Group worth $18,840,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Asbury Automotive Group in the 2nd quarter worth $77,544,000. Eminence Capital LP lifted its holdings in shares of Asbury Automotive Group by 36.0% during the second quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock valued at $239,055,000 after purchasing an additional 265,539 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Asbury Automotive Group by 545.7% during the third quarter. Thrivent Financial for Lutherans now owns 143,388 shares of the company’s stock valued at $35,051,000 after buying an additional 121,183 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Asbury Automotive Group by 261.7% during the third quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock valued at $39,025,000 after buying an additional 115,504 shares during the last quarter. Finally, River Road Asset Management LLC increased its holdings in Asbury Automotive Group by 122.0% in the 2nd quarter. River Road Asset Management LLC now owns 199,952 shares of the company’s stock worth $44,413,000 after buying an additional 109,896 shares in the last quarter.

Asbury Automotive Group Stock Performance

Shares of ABG opened at $196.37 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.95 and a quick ratio of 0.35. Asbury Automotive Group, Inc. has a one year low of $194.80 and a one year high of $274.50. The firm has a market capitalization of $3.78 billion, a P/E ratio of 7.83 and a beta of 0.81. The business 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 data 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 firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter last year, the company posted $7.26 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on 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. Morgan Stanley set a $230.00 price target on shares of Asbury Automotive Group in a report on Monday, December 8th. Weiss Ratings lowered shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Finally, Bank of America assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, March 4th. They set a “buy” rating for the company. Two equities 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 company. Based on data from MarketBeat, Asbury Automotive Group currently has an average rating of “Hold” and an average target price of $247.57.

Insider Activity

In other Asbury Automotive Group news, Director B. Christopher Disantis purchased 500 shares of Asbury Automotive Group stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average price of $202.30 per share, with a total value of $101,150.00. Following the transaction, the director directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is currently owned by corporate insiders.

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.