Lazard Asset Management LLC Decreases Holdings in Asbury Automotive Group, Inc. $ABG

Lazard Asset Management LLC decreased its holdings in Asbury Automotive Group, Inc. (NYSE:ABG) by 69.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,973 shares of the company’s stock after selling 4,532 shares during the period. Lazard Asset Management LLC’s holdings in Asbury Automotive Group were worth $386,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABG. Norges Bank purchased a new stake in Asbury Automotive Group during the fourth quarter valued at approximately $77,963,000. Thrivent Financial for Lutherans lifted its stake in shares of Asbury Automotive Group by 106.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company’s stock valued at $68,842,000 after purchasing an additional 152,669 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Asbury Automotive Group in the 3rd quarter worth approximately $32,684,000. Goldman Sachs Group Inc. boosted its holdings in shares of Asbury Automotive Group by 49.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company’s stock worth $61,561,000 after purchasing an additional 91,767 shares during the period. Finally, J. Goldman & Co LP bought a new position in shares of Asbury Automotive Group during the 4th quarter valued at approximately $12,761,000.

Asbury Automotive Group Price Performance

Shares of ABG stock opened at $214.36 on Friday. Asbury Automotive Group, Inc. has a 52-week low of $172.01 and a 52-week high of $263.38. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.29 and a current ratio of 0.91. The firm has a market capitalization of $3.85 billion, a P/E ratio of 8.02, a P/E/G ratio of 0.84 and a beta of 0.71. The stock has a 50 day moving average price of $209.13 and a 200 day moving average price of $208.52.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $6.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.31 by $0.51. Asbury Automotive Group had a return on equity of 12.72% and a net margin of 2.83%.The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.49 billion. During the same quarter in the previous year, the business earned $7.43 EPS. Asbury Automotive Group’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts predict that Asbury Automotive Group, Inc. will post 26.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director B. Christopher Disantis acquired 157 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average price of $182.31 per share, for a total transaction of $28,622.67. Following the acquisition, the director directly owned 6,400 shares of the company’s stock, valued at $1,166,784. This represents a 2.51% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jed Milstein sold 948 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total transaction of $237,265.44. Following the completion of the sale, the senior vice president directly owned 11,259 shares of the company’s stock, valued at approximately $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ABG. Citigroup raised their price target on Asbury Automotive Group from $212.00 to $250.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Barclays boosted their price objective on shares of Asbury Automotive Group from $225.00 to $265.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “hold (c-)” rating on shares of Asbury Automotive Group in a research note on Friday, July 24th. Morgan Stanley raised their target price on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Asbury Automotive Group from $220.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $246.71.

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.