Asbury Automotive Group, Inc. $ABG Shares Sold by Magnolia Group LLC

Magnolia Group LLC cut its stake in Asbury Automotive Group, Inc. (NYSE:ABG) by 46.7% in the third quarter, Holdings Channel reports. The firm owned 138,905 shares of the company’s stock after selling 121,753 shares during the period. Asbury Automotive Group comprises 8.2% of Magnolia Group LLC’s holdings, making the stock its 4th largest position. Magnolia Group LLC’s holdings in Asbury Automotive Group were worth $23,933,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Daytona Street Capital LLC acquired a new position in Asbury Automotive Group in the 3rd quarter worth approximately $32,000. Global Retirement Partners LLC purchased a new stake in Asbury Automotive Group in the second quarter valued at $34,000. Allworth Financial LP acquired a new stake in Asbury Automotive Group during the 2nd quarter worth about $36,000. USA Financial Formulas acquired a new stake in Asbury Automotive Group during the 3rd quarter worth about $39,000. Finally, Parallel Advisors LLC grew its position in Asbury Automotive Group by 471.0% during the 3rd quarter. Parallel Advisors LLC now owns 394 shares of the company’s stock worth $68,000 after purchasing an additional 325 shares during the period.

Asbury Automotive Group Price Performance

NYSE:ABG opened at $207.69 on Thursday. Asbury Automotive Group, Inc. has a 52 week low of $160.30 and a 52 week high of $258.74. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $3.73 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 1.49 and a beta of 0.78. The stock’s 50-day moving average price is $188.05 and its 200-day moving average price is $202.79.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $6.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.42 by ($0.26). The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.51 billion. Asbury Automotive Group had a return on equity of 11.85% and a net margin of 2.66%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.17 EPS. As a group, equities analysts expect that Asbury Automotive Group, Inc. will post 24.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ABG has been the topic of a number of recent research reports. Craig Hallum upgraded Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $250.00 target price on the stock in a research note on Tuesday, October 27th. Zacks Research cut Asbury Automotive Group from a “hold” rating to a “strong sell” rating in a research report on Friday, October 16th. Seaport Research Partners upgraded Asbury Automotive Group from a “neutral” rating to a “buy” rating and set a $300.00 price target for the company in a research report on Tuesday, September 8th. Barclays decreased their price target on Asbury Automotive Group from $230.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Asbury Automotive Group in a research report on Thursday, October 22nd. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $222.88.

About Asbury Automotive Group

Asbury Automotive Group is a U.S. automotive retailer that operates franchised new- and used-vehicle dealerships. Its dealerships sell vehicles from a range of manufacturers and offer related services, including vehicle financing and insurance products, maintenance and repairs, parts sales, and collision repair. The company also operates Clicklane, a digital platform that lets customers research, purchase, finance, and arrange delivery of vehicles online. Asbury was founded in 1995 and has expanded through acquisitions, including its 2021 purchase of Larry H. Miller Dealerships.