The Manufacturers Life Insurance Company Reduces Stock Position in Asbury Automotive Group, Inc. (NYSE:ABG)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Asbury Automotive Group, Inc. (NYSE:ABG) by 4.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 11,071 shares of the company’s stock after selling 563 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Asbury Automotive Group were worth $2,691,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. GoodHaven Capital Management LLC purchased a new stake in Asbury Automotive Group during the fourth quarter valued at approximately $2,916,000. Magnolia Group LLC lifted its position in Asbury Automotive Group by 2.1% in the fourth quarter. Magnolia Group LLC now owns 149,123 shares of the company’s stock worth $36,241,000 after buying an additional 3,000 shares during the last quarter. Intech Investment Management LLC boosted its stake in Asbury Automotive Group by 52.3% during the fourth quarter. Intech Investment Management LLC now owns 7,805 shares of the company’s stock worth $1,897,000 after buying an additional 2,680 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Asbury Automotive Group during the fourth quarter valued at $221,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Asbury Automotive Group by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 211,766 shares of the company’s stock valued at $51,465,000 after acquiring an additional 3,273 shares during the period.

Asbury Automotive Group Price Performance

ABG opened at $224.99 on Friday. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 10.46 and a beta of 0.98. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98. Asbury Automotive Group, Inc. has a 12-month low of $201.68 and a 12-month high of $312.56. The business’s fifty day simple moving average is $227.50 and its 200-day simple moving average is $248.76.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, April 29th. The company reported $6.82 EPS for the quarter, missing analysts’ consensus estimates of $6.84 by ($0.02). Asbury Automotive Group had a net margin of 2.50% and a return on equity of 16.29%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same period last year, the business posted $7.21 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities research analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Insider Activity at Asbury Automotive Group

In other Asbury Automotive Group news, COO Daniel Clara sold 1,217 shares of Asbury Automotive Group stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $296.64, for a total value of $361,010.88. Following the transaction, the chief operating officer now owns 3,747 shares in the company, valued at $1,111,510.08. The trade was a 24.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABG has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Asbury Automotive Group from $290.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, March 27th. Citigroup started coverage on Asbury Automotive Group in a research note on Wednesday, April 23rd. They set a “neutral” rating and a $236.00 target price on the stock. Craig Hallum cut Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Stephens increased their target price on Asbury Automotive Group from $220.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 11th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $258.50.

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.