CANADA LIFE ASSURANCE Co has increased its stake in Asbury Automotive Group, Inc. (NYSE: ABG), as reported in the company’s latest filing with the Securities and Exchange Commission. During the first quarter, the firm boosted its holdings by 5.7%, now owning 23,002 shares of the automotive retailer’s stock, with the additional 1,232 shares taking the total value to approximately $5,422,000.
Alongside CANADA LIFE ASSURANCE Co, other institutional investors and hedge funds have been adjusting their investments in Asbury Automotive Group. UniSuper Management Pty Ltd entered the scene by acquiring new shares valued around $1,017,000. Edgestream Partners L.P. made a significant move by increasing its stake by 450.6%, owning 26,015 shares worth $6,134,000 after purchasing an additional 21,290 shares. Wintrust Investments LLC and Foundry Partners LLC similarly raised their investments in the company by 15.7% and 11.7% respectively. ProShare Advisors LLC also increased its stake by 7.4%, adding 287 more shares.
Recently, Asbury Automotive Group received a revised rating from JPMorgan Chase & Co., which downgraded the stock from “overweight” to “neutral” with a price target of $230.00.
Concerning the stock’s performance, Asbury Automotive Group’s shares began trading at $254.21 on a recent Friday. The company boasts a market cap of $5.13 billion, a PE ratio of 9.26, and a beta of 1.17. Its financial health is indicated by a debt-to-equity ratio of 0.93, a quick ratio of 0.38, and a current ratio of 1.06. Despite seasonal fluctuations, its stock price has seen a general upward trajectory over the past months with a fifty-day moving average of $235.57 and a 200-day moving average of $223.10.
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In its latest earnings report for the first quarter, Asbury announced earnings per share (EPS) of $7.21, falling short of the expected $7.76 by $0.55. The company posted revenue of $4.20 billion against the anticipated $4.26 billion. Year over year, it marked a revenue increase of 17.3%, although the earnings per share last year were higher at $8.37. Analysts now foresee the company achieving an EPS of 29.12 for the current fiscal year.
Asbury Automotive Group is an active player in the U.S. automotive retail scene, offering an array of products and services ranging from new and used vehicles to maintenance services, replacement parts, and collision repair services.
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Words by: Craig Clowes
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