Jennison Associates LLC Sells 7,800 Shares of Asbury Automotive Group, Inc. (NYSE:ABG)

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Jennison Associates LLC reduced its position in shares of Asbury Automotive Group, Inc. (NYSE:ABG) by 44.8% during the first quarter, HoldingsChannel reports. The firm owned 9,593 shares of the company’s stock after selling 7,800 shares during the quarter. Jennison Associates LLC’s holdings in Asbury Automotive Group were worth $665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ABG. Norges Bank acquired a new position in shares of Asbury Automotive Group during the fourth quarter worth $18,252,000. Financial Advocates Investment Management lifted its position in shares of Asbury Automotive Group by 83,165.1% during the fourth quarter. Financial Advocates Investment Management now owns 176,522 shares of the company’s stock worth $6,400,000 after purchasing an additional 176,310 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Asbury Automotive Group by 9.0% during the first quarter. Victory Capital Management Inc. now owns 1,419,858 shares of the company’s stock worth $98,481,000 after purchasing an additional 117,677 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Asbury Automotive Group by 147.3% during the fourth quarter. Deutsche Bank AG now owns 136,960 shares of the company’s stock worth $9,128,000 after purchasing an additional 81,581 shares in the last quarter. Finally, Federated Investors Inc. PA lifted its position in shares of Asbury Automotive Group by 53.6% during the first quarter. Federated Investors Inc. PA now owns 212,732 shares of the company’s stock worth $14,755,000 after purchasing an additional 74,201 shares in the last quarter.

Shares of NYSE:ABG opened at $80.36 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.15 and a quick ratio of 0.33. The firm has a market capitalization of $1.54 billion, a P/E ratio of 9.56, a P/E/G ratio of 0.62 and a beta of 1.21. Asbury Automotive Group, Inc. has a 12-month low of $58.60 and a 12-month high of $82.30.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.28. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.67 billion. Asbury Automotive Group had a net margin of 2.43% and a return on equity of 36.35%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 earnings per share. Equities research analysts predict that Asbury Automotive Group, Inc. will post 8.97 earnings per share for the current year.

In related news, VP William Frederick Stax sold 1,000 shares of Asbury Automotive Group stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $79.15, for a total value of $79,150.00. Following the completion of the sale, the vice president now owns 3,888 shares in the company, valued at $307,735.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David W. Hult sold 15,000 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $79.25, for a total transaction of $1,188,750.00. Following the sale, the chief executive officer now owns 25,703 shares of the company’s stock, valued at approximately $2,036,962.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,599 shares of company stock valued at $2,589,539. Insiders own 1.36% of the company’s stock.

ABG has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research report on Friday, June 7th. Craig Hallum raised shares of Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, April 24th. Finally, Morgan Stanley boosted their target price on shares of Asbury Automotive Group from $85.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Monday, May 6th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Asbury Automotive Group has a consensus rating of “Hold” and an average price target of $81.50.

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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.

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Institutional Ownership by Quarter for Asbury Automotive Group (NYSE:ABG)

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