On September 2, 2023, American Century Companies Inc. announced an increase in its holdings of Asbury Automotive Group, Inc. (NYSE:ABG) by 4.7% during the first quarter of the year. The institutional investor now owns 80,456 shares of the company’s stock after purchasing an additional 3,619 shares during this period. At the end of the quarter, American Century Companies Inc.’s holdings in Asbury Automotive Group were valued at $16,896,000.
Asbury Automotive Group (NYSE:ABG) recently released its earnings results for the second quarter on July 25th. The company exceeded analysts’ consensus estimates with earnings per share of $8.95 for the quarter, surpassing expectations by $0.71 per share. However, despite this positive news on earnings, Asbury Automotive Group reported a decline in revenue for the quarter compared to estimates.
During this period last year, Asbury Automotive Group earned $10.04 earnings per share. Analysts predict that for the current year, Asbury Automotive Group will post estimated EPS of 33.53.
Asbury Automotive Group operates as an automotive retailer in the United States and offers various automotive products and services to its customers. These include new and used vehicles as well as vehicle repair and maintenance services, replacement parts, and collision repair services.
It is important to note that these figures are based on data from a filing with the Securities & Exchange Commission made by American Century Companies Inc., a publicly-traded institutional investor. Investors and analysts can utilize this information when assessing Asbury Automotive Group’s performance and potential investment opportunities in the automotive sector.
Asbury Automotive Group, Inc.
ABG
Buy
Updated on: 02/09/2023
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Changes in Ownership Structure and Analyst Ratings Impact Asbury Automotive Group’s Market Standing
Asbury Automotive Group, Inc., a prominent automotive retailer in the United States, has recently seen changes in its ownership structure as several hedge funds have made adjustments to their positions in the company. The ever-evolving landscape of financial investments continues to perplex and bewilder industry experts. One such hedge fund, Baker Tilly Wealth Management LLC, has increased its stake in Asbury Automotive Group by 3.0% during the first quarter. With this move, Baker Tilly now owns 2,594 shares of the company’s stock valued at approximately $545,000. This increase was facilitated by the acquisition of an additional 75 shares during the last quarter.
Quadrant Capital Group LLC also witnessed growth in its position in Asbury Automotive Group. During the fourth quarter, Quadrant Capital Group LLC expanded its stake by 18.5%, ultimately resulting in ownership of 487 shares valued at $87,000.
Bank of Montreal Can joined the list of hedge funds making changes to their positions in Asbury Automotive Group as well. The bank boosted its stake by 1.2% during the first quarter and currently owns 6,583 shares worth an estimated $1,099,000.
Commonwealth Equity Services LLC exhibited similar behavior during the same period by growing its holdings in Asbury Automotive Group by 4.0%. The firm now owns 2,148 shares with a value of around $385,000.
Finally, Mackenzie Financial Corp acquired an additional 85 shares during the last quarter, increasing their stake in Asbury Automotive Group by 6.9%. The firm currently holds 1,321 shares valued at $212,000.
On Friday morning trading on September 2nd, shares of Asbury Automotive Group opened at $229.86. Over the past year, these stocks have fluctuated between a low of $138.88 and a high of $256.39.
Market analysts have been actively following Asbury Automotive Group and have shared their thoughts on the company. Morgan Stanley recently raised their price target from $128.00 to $165.00 while giving the stock an “underweight” rating in a report released on August 9th. Another financial institution, Stephens, increased its price objective from $275.00 to $300.00 on July 19th.
However, opinions on the stock remain divided, as StockNews.com downgraded Asbury Automotive Group from a “buy” rating to a “hold” rating in a research note published earlier this week.
Asbury Automotive Group currently holds a market capitalization of $4.73 billion and boasts various financial ratios that can be used for analysis. The company’s price-to-earnings ratio stands at 5.36,…
Read More: Increase in Holdings of Asbury Automotive Group by American Century Companies