California Public Employees Retirement System Increases Holdings in Asbury Automotive Group, Inc. (ABG)

California Public Employees Retirement System raised its position in shares of Asbury Automotive Group, Inc. (NYSE:ABG) by 6.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,974 shares of the company’s stock after purchasing an additional 5,174 shares during the period. California Public Employees Retirement System’s holdings in Asbury Automotive Group were worth $5,314,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cubist Systematic Strategies LLC grew its holdings in Asbury Automotive Group by 4,111.5% during the third quarter. Cubist Systematic Strategies LLC now owns 8,423 shares of the company’s stock valued at $515,000 after purchasing an additional 8,223 shares during the period. Mangrove Partners purchased a new stake in shares of Asbury Automotive Group during the third quarter worth $2,881,000. Pinebridge Investments L.P. lifted its position in shares of Asbury Automotive Group by 13.8% during the third quarter. Pinebridge Investments L.P. now owns 21,783 shares of the company’s stock worth $1,331,000 after acquiring an additional 2,640 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Asbury Automotive Group by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 838,733 shares of the company’s stock worth $51,247,000 after acquiring an additional 18,156 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Asbury Automotive Group by 2.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 195,424 shares of the company’s stock worth $11,941,000 after acquiring an additional 4,640 shares in the last quarter.

Shares of Asbury Automotive Group, Inc. (ABG) opened at $66.55 on Friday. The stock has a market capitalization of $1,385.44, a price-to-earnings ratio of 10.73, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. Asbury Automotive Group, Inc. has a 12-month low of $49.10 and a 12-month high of $71.00. The company has a current ratio of 1.25, a quick ratio of 0.38 and a debt-to-equity ratio of 2.60.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, October 24th. The company reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.09). Asbury Automotive Group had a return on equity of 42.24% and a net margin of 2.54%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company earned $1.52 EPS. The company’s revenue was down 4.8% on a year-over-year basis. sell-side analysts forecast that Asbury Automotive Group, Inc. will post 6.25 EPS for the current year.

In related news, Director Joel Alsfine sold 200,000 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.00, for a total value of $12,400,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Juanita T. James sold 1,500 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $66.16, for a total value of $99,240.00. The disclosure for this sale can be found here. Insiders sold 265,884 shares of company stock worth $16,426,020 in the last quarter. 11.90% of the stock is currently owned by company insiders.

ABG has been the topic of several recent research reports. Jefferies Group restated a “hold” rating and set a $61.00 target price on shares of Asbury Automotive Group in a research report on Thursday, October 12th. Zacks Investment Research downgraded Asbury Automotive Group from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Finally, TheStreet upgraded Asbury Automotive Group from a “c+” rating to a “b-” rating in a research report on Wednesday, September 27th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $56.75.

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About Asbury Automotive Group

Asbury Automotive Group, Inc is an automotive retailer in the United States. As of December 31, 2016, the Company owned and operated 93 new vehicle franchises, representing 28 brands of automobiles at 77 dealership locations, and 23 collision centers in the United States. In addition, as of December 31, 2016, it owned and operated two standalone used vehicle stores in Florida.

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

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