Allspring Global Investments Holdings LLC Takes Position in Asbury Automotive Group, Inc. (NYSE:ABG)

Allspring Global Investments Holdings LLC acquired a new stake in Asbury Automotive Group, Inc. (NYSE:ABG) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,164 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors have also modified their holdings of ABG. Norges Bank acquired a new position in shares of Asbury Automotive Group in the fourth quarter valued at approximately $82,079,000. Artisan Partners Limited Partnership acquired a new position in Asbury Automotive Group during the fourth quarter worth approximately $51,118,000. GAMMA Investing LLC increased its position in Asbury Automotive Group by 30,639.2% during the first quarter. GAMMA Investing LLC now owns 129,412 shares of the company’s stock worth $285,790,000 after purchasing an additional 128,991 shares during the last quarter. Eminence Capital LP increased its position in Asbury Automotive Group by 15.8% during the fourth quarter. Eminence Capital LP now owns 787,775 shares of the company’s stock worth $191,453,000 after purchasing an additional 107,317 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Asbury Automotive Group by 18.9% during the fourth quarter. JPMorgan Chase & Co. now owns 186,306 shares of the company’s stock worth $45,278,000 after purchasing an additional 29,579 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ABG. Citigroup began coverage on shares of Asbury Automotive Group in a research report on Wednesday, April 23rd. They set a “neutral” rating and a $236.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Asbury Automotive Group from $290.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, March 27th. Wall Street Zen raised shares of Asbury Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Finally, Bank of America upped their price target on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Asbury Automotive Group has an average rating of “Hold” and a consensus target price of $263.50.

Asbury Automotive Group Price Performance

ABG opened at $262.75 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. Asbury Automotive Group, Inc. has a 52-week low of $201.68 and a 52-week high of $312.56. The company has a 50 day moving average of $237.55 and a two-hundred day moving average of $245.06. The company has a market cap of $5.17 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.71 and a beta of 0.96.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, April 29th. The company reported $6.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.84 by ($0.02). Asbury Automotive Group had a return on equity of 15.41% and a net margin of 2.42%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the firm earned $7.21 earnings per share. Asbury Automotive Group’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, analysts expect that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current year.

Asbury Automotive Group Company 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.