Hsbc Holdings PLC Cuts Holdings in Asbury Automotive Group, Inc. $ABG

Hsbc Holdings PLC lowered its position in Asbury Automotive Group, Inc. (NYSE:ABG) by 41.0% in the fourth quarter, HoldingsChannel reports. The fund owned 6,902 shares of the company’s stock after selling 4,801 shares during the quarter. Hsbc Holdings PLC’s holdings in Asbury Automotive Group were worth $1,609,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new position in shares of Asbury Automotive Group in the 4th quarter valued at about $25,000. Quarry LP boosted its position in Asbury Automotive Group by 319.2% during the third quarter. Quarry LP now owns 109 shares of the company’s stock worth $27,000 after purchasing an additional 83 shares in the last quarter. Torren Management LLC purchased a new position in Asbury Automotive Group during the fourth quarter worth approximately $27,000. Bogart Wealth LLC grew its holdings in Asbury Automotive Group by 52.4% in the fourth quarter. Bogart Wealth LLC now owns 128 shares of the company’s stock valued at $30,000 after purchasing an additional 44 shares during the period. Finally, Osaic Holdings Inc. grew its holdings in Asbury Automotive Group by 69.2% in the second quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock valued at $31,000 after purchasing an additional 54 shares during the period.

Insider Activity at Asbury Automotive Group

In related news, Director B. Christopher Disantis acquired 157 shares of Asbury Automotive Group stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of $182.31 per share, for a total transaction of $28,622.67. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at $1,166,784. This represents a 2.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ABG. Bank of America assumed coverage on Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating for the company. Morgan Stanley set a $220.00 price target on shares of Asbury Automotive Group in a research note on Thursday, May 7th. Barclays boosted their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 7th. Stephens restated an “overweight” rating and set a $242.00 price objective on shares of Asbury Automotive Group in a research report on Tuesday, June 2nd. Finally, UBS Group began coverage on shares of Asbury Automotive Group in a report on Wednesday, May 27th. They set a “neutral” rating and a $202.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $232.00.

Asbury Automotive Group Price Performance

Shares of NYSE ABG opened at $201.22 on Wednesday. The firm has a 50-day simple moving average of $195.65 and a 200-day simple moving average of $212.88. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 7.12, a price-to-earnings-growth ratio of 1.11 and a beta of 0.74. The company has a quick ratio of 0.29, a current ratio of 0.94 and a debt-to-equity ratio of 0.78. Asbury Automotive Group, Inc. has a 52 week low of $172.01 and a 52 week high of $274.50.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $5.37 earnings per share for the quarter, missing analysts’ consensus estimates of $5.62 by ($0.25). Asbury Automotive Group had a return on equity of 13.39% and a net margin of 3.05%.The business had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter in the previous year, the firm posted $6.82 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. On average, equities analysts predict that Asbury Automotive Group, Inc. will post 25.7 earnings per share for the current fiscal year.

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.