Asbury Automotive Group, Inc. (NYSE:ABG) Sees Large Increase in Short Interest

Asbury Automotive Group, Inc. (NYSE:ABG) saw a significant increase in short interest in March. As of March 13th, there was short interest totaling 1,172,995 shares, an increase of 18.5% from the February 26th total of 990,235 shares. Currently, 6.1% of the company’s stock are short sold. Based on an average daily volume of 243,456 shares, the short-interest ratio is presently 4.8 days.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings cut Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Bank of America assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, March 4th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Asbury Automotive Group from $235.00 to $240.00 and gave the stock an “underweight” rating in a research report on Friday, March 20th. Morgan Stanley set a $230.00 target price on shares of Asbury Automotive Group in a report on Monday, December 8th. Finally, Barclays decreased their target price on shares of Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating for the company in a research report on Friday, February 6th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $248.29.

Insider Buying and Selling at Asbury Automotive Group

In other news, Director B. Christopher Disantis acquired 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the acquisition, the director owned 5,400 shares in the company, valued at $1,092,420. This represents a 10.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asbury Automotive Group

A number of institutional investors have recently added to or reduced their stakes in ABG. Norges Bank bought a new stake in Asbury Automotive Group during the fourth quarter worth $77,963,000. Eminence Capital LP increased its stake in shares of Asbury Automotive Group by 36.0% during the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock worth $239,055,000 after purchasing an additional 265,539 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Asbury Automotive Group by 106.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 296,057 shares of the company’s stock worth $68,842,000 after purchasing an additional 152,669 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Asbury Automotive Group in the 3rd quarter valued at about $32,684,000. Finally, American Century Companies Inc. raised its holdings in shares of Asbury Automotive Group by 261.7% in the 3rd quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock valued at $39,025,000 after purchasing an additional 115,504 shares during the period.

Asbury Automotive Group Stock Performance

Shares of NYSE ABG opened at $193.96 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.35 and a current ratio of 0.95. The stock has a 50 day moving average price of $215.00 and a 200 day moving average price of $230.35. The stock has a market capitalization of $3.74 billion, a PE ratio of 7.73 and a beta of 0.80. Asbury Automotive Group has a 52 week low of $184.61 and a 52 week high of $274.50.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Thursday, February 5th. The company reported $6.67 earnings per share for the quarter, missing the consensus estimate of $6.70 by ($0.03). Asbury Automotive Group had a return on equity of 14.51% and a net margin of 2.73%.The company had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same period last year, the firm earned $7.26 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts predict that Asbury Automotive Group will post 26.28 earnings per share for the current fiscal year.

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.