Envestnet Asset Management Inc. Trims Position in Asbury Automotive Group, Inc. $ABG

Envestnet Asset Management Inc. lessened its holdings in shares of Asbury Automotive Group, Inc. (NYSE:ABG) by 27.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,085 shares of the company’s stock after selling 5,623 shares during the period. Envestnet Asset Management Inc. owned approximately 0.08% of Asbury Automotive Group worth $3,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. MQS Management LLC purchased a new position in shares of Asbury Automotive Group during the 2nd quarter valued at about $250,000. State of New Jersey Common Pension Fund D increased its holdings in shares of Asbury Automotive Group by 17.8% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 8,311 shares of the company’s stock valued at $1,983,000 after purchasing an additional 1,255 shares in the last quarter. AlTi Global Inc. acquired a new position in shares of Asbury Automotive Group in the 2nd quarter valued at $3,939,000. Magnolia Group LLC lifted its stake in shares of Asbury Automotive Group by 6.0% in the 2nd quarter. Magnolia Group LLC now owns 238,123 shares of the company’s stock valued at $56,802,000 after purchasing an additional 13,500 shares during the period. Finally, Bridges Investment Management Inc. boosted its holdings in Asbury Automotive Group by 15.0% during the second quarter. Bridges Investment Management Inc. now owns 9,937 shares of the company’s stock worth $2,370,000 after buying an additional 1,296 shares in the last quarter.

Insider Buying and Selling

In other Asbury Automotive Group news, SVP Jed Milstein sold 1,132 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $253.26, for a total transaction of $286,690.32. Following the transaction, the senior vice president owned 11,267 shares of the company’s stock, valued at approximately $2,853,480.42. The trade was a 9.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Dean Calloway sold 400 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $254.40, for a total value of $101,760.00. Following the completion of the sale, the senior vice president owned 5,295 shares of the company’s stock, valued at approximately $1,347,048. The trade was a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 2,957 shares of company stock worth $745,501. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ABG shares. Stephens raised shares of Asbury Automotive Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $225.00 to $277.00 in a report on Wednesday, August 13th. Cfra set a $225.00 price target on Asbury Automotive Group in a research note on Tuesday, July 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Asbury Automotive Group in a research report on Thursday. Barclays initiated coverage on Asbury Automotive Group in a report on Tuesday. They issued an “equal weight” rating and a $275.00 price objective on the stock. Finally, Citigroup reaffirmed a “neutral” rating on shares of Asbury Automotive Group in a research note on Thursday, September 25th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $254.00.

Asbury Automotive Group Stock Performance

ABG opened at $222.08 on Friday. Asbury Automotive Group, Inc. has a twelve month low of $201.68 and a twelve month high of $312.56. The firm has a market capitalization of $4.32 billion, a PE ratio of 7.78, a PEG ratio of 1.43 and a beta of 0.87. The company has a current ratio of 0.99, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The firm’s 50-day moving average price is $240.38 and its 200 day moving average price is $238.64.

Asbury Automotive Group (NYSE:ABG) last released its earnings results on Tuesday, October 28th. The company reported $7.17 earnings per share for the quarter, topping analysts’ consensus estimates of $6.80 by $0.37. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.84 billion. Asbury Automotive Group had a net margin of 3.15% and a return on equity of 15.26%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the company posted $6.35 EPS. As a group, sell-side analysts expect that Asbury Automotive Group, Inc. will post 26.28 EPS for the current fiscal year.

Asbury Automotive Group Profile

Asbury Automotive Group, Inc, together with its subsidiaries, operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance services, replacement parts, and collision repair services.