Norges Bank Purchases Shares of 335,282 Asbury Automotive Group, Inc. $ABG

Norges Bank purchased a new stake in Asbury Automotive Group, Inc. (NYSE:ABG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 335,282 shares of the company’s stock, valued at approximately $77,963,000.

A number of other hedge funds have also recently bought and sold shares of ABG. Torren Management LLC bought a new stake in Asbury Automotive Group in the 4th quarter valued at $27,000. Quarry LP boosted its holdings in Asbury Automotive Group by 319.2% in the 3rd quarter. Quarry LP now owns 109 shares of the company’s stock valued at $27,000 after purchasing an additional 83 shares during the period. Bogart Wealth LLC boosted its holdings in Asbury Automotive Group by 52.4% in the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company’s stock valued at $30,000 after purchasing an additional 44 shares during the period. Osaic Holdings Inc. boosted its holdings in Asbury Automotive Group by 69.2% in the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock valued at $31,000 after purchasing an additional 54 shares during the period. Finally, Salomon & Ludwin LLC boosted its holdings in Asbury Automotive Group by 76.0% in the 4th quarter. Salomon & Ludwin LLC now owns 132 shares of the company’s stock valued at $32,000 after purchasing an additional 57 shares during the period.

Insider Transactions at Asbury Automotive Group

In other news, Director B. Christopher Disantis purchased 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $202.30 per share, with a total value of $101,150.00. Following the acquisition, the director directly owned 5,400 shares of the company’s stock, valued at approximately $1,092,420. This trade represents a 10.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.75% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings downgraded shares of Asbury Automotive Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 29th. UBS Group assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, May 27th. They set a “neutral” rating and a $202.00 price objective for the company. Stephens reaffirmed an “overweight” rating and set a $242.00 price objective on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Asbury Automotive Group from $235.00 to $220.00 and set an “underweight” rating for the company in a report on Thursday, May 7th. Finally, Citigroup reduced their price objective on shares of Asbury Automotive Group from $260.00 to $212.00 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Two 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $232.00.

Asbury Automotive Group Price Performance

NYSE:ABG opened at $190.95 on Friday. The company has a 50-day moving average of $195.77 and a 200-day moving average of $216.67. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 1.05 and a beta of 0.74. Asbury Automotive Group, Inc. has a 52 week low of $172.01 and a 52 week high of $274.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.29 and a current ratio of 0.94.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, April 28th. The company reported $5.37 EPS for the quarter, missing analysts’ consensus estimates of $5.62 by ($0.25). Asbury Automotive Group had a return on equity of 13.39% and a net margin of 3.05%.The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the previous year, the business posted $6.82 earnings per share. Asbury Automotive Group’s revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate that Asbury Automotive Group, Inc. will post 25.68 earnings per share for the current fiscal year.

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.