Lakewood Capital Management LP Acquires New Stake in Asbury Automotive Group, Inc. $ABG

Lakewood Capital Management LP purchased a new stake in Asbury Automotive Group, Inc. (NYSE:ABG) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 178,629 shares of the company’s stock, valued at approximately $35,919,000. Asbury Automotive Group accounts for 1.9% of Lakewood Capital Management LP’s investment portfolio, making the stock its 22nd largest holding.

A number of other institutional investors also recently modified their holdings of ABG. Comerica Bank lifted its stake in Asbury Automotive Group by 103.1% in the 4th quarter. Comerica Bank now owns 18,880 shares of the company’s stock valued at $4,390,000 after acquiring an additional 9,586 shares in the last quarter. Thrivent Financial for Lutherans grew 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 acquiring an additional 152,669 shares in the last quarter. Fieldview Capital Management LLC bought a new position in shares of Asbury Automotive Group during the 4th quarter worth approximately $3,336,000. Fifth Third Bancorp raised its holdings in shares of Asbury Automotive Group by 13,382.1% in the first quarter. Fifth Third Bancorp now owns 21,032 shares of the company’s stock valued at $4,110,000 after purchasing an additional 20,876 shares during the last quarter. Finally, Natixis Advisors LLC raised its holdings in shares of Asbury Automotive Group by 10.0% in the fourth quarter. Natixis Advisors LLC now owns 207,820 shares of the company’s stock valued at $48,324,000 after purchasing an additional 18,843 shares during the last quarter.

Asbury Automotive Group Stock Performance

NYSE ABG opened at $210.91 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.29 and a debt-to-equity ratio of 0.77. The firm’s fifty day moving average price is $212.71 and its two-hundred day moving average price is $205.90. Asbury Automotive Group, Inc. has a 1 year low of $172.01 and a 1 year high of $263.38. The firm has a market capitalization of $3.79 billion, a P/E ratio of 7.89, a price-to-earnings-growth ratio of 0.83 and a beta of 0.71.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $6.82 EPS for the quarter, beating analysts’ consensus estimates of $6.31 by $0.51. The company had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.49 billion. Asbury Automotive Group had a net margin of 2.83% and a return on equity of 12.72%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $7.43 EPS. As a group, research analysts anticipate that Asbury Automotive Group, Inc. will post 26.43 EPS for the current year.

Insider Buying and Selling

In related news, SVP Jed Milstein sold 948 shares of Asbury Automotive Group stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $250.28, for a total transaction of $237,265.44. Following the completion of the transaction, the senior vice president owned 11,259 shares in the company, valued at approximately $2,817,902.52. This trade represents a 7.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.75% of the company’s stock.

Analyst Ratings Changes

ABG has been the subject of a number of analyst reports. Morgan Stanley raised their target price on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Asbury Automotive Group in a research report on Friday, July 24th. UBS Group set a $250.00 price objective on Asbury Automotive Group in a report on Wednesday, July 29th. Stephens reiterated an “overweight” rating and set a $242.00 target price on shares of Asbury Automotive Group in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Asbury Automotive Group from $220.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of “Hold” and an average price target of $246.71.

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.