Asbury Automotive Group, Inc. (NYSE:ABG) Sees Large Increase in Short Interest

Asbury Automotive Group, Inc. (NYSE:ABG) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,370,000 shares, a growth of 12.9% from the September 15th total of 2,100,000 shares. Based on an average daily trading volume, of 203,800 shares, the days-to-cover ratio is presently 11.6 days.

Asbury Automotive Group Stock Up 4.1 %

ABG stock opened at $234.99 on Thursday. Asbury Automotive Group has a 52-week low of $178.40 and a 52-week high of $277.13. The company’s 50 day simple moving average is $229.85 and its 200-day simple moving average is $231.06. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.25 and a quick ratio of 0.45. The firm has a market capitalization of $4.74 billion, a P/E ratio of 8.56 and a beta of 1.16.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Friday, August 2nd. The company reported $6.40 earnings per share for the quarter, missing the consensus estimate of $7.31 by ($0.91). The company had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.31 billion. Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $8.95 EPS. As a group, equities research analysts anticipate that Asbury Automotive Group will post 26.01 EPS for the current year.

Insider Activity at Asbury Automotive Group

In other Asbury Automotive Group news, CEO David W. Hult sold 500 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $227.18, for a total value of $113,590.00. Following the completion of the transaction, the chief executive officer now owns 56,834 shares in the company, valued at $12,911,548.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Impactive Capital Lp sold 8,353 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $225.63, for a total value of $1,884,687.39. Following the completion of the sale, the insider now owns 2,008,649 shares in the company, valued at $453,211,473.87. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Hult sold 500 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $227.18, for a total transaction of $113,590.00. Following the completion of the transaction, the chief executive officer now directly owns 56,834 shares of the company’s stock, valued at approximately $12,911,548.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Asbury Automotive Group

Several large investors have recently added to or reduced their stakes in ABG. Quarry LP bought a new stake in Asbury Automotive Group in the second quarter worth approximately $38,000. GAMMA Investing LLC grew its position in Asbury Automotive Group by 100.0% in the 2nd quarter. GAMMA Investing LLC now owns 292 shares of the company’s stock worth $67,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Asbury Automotive Group in the 2nd quarter worth $155,000. Kapitalo Investimentos Ltda acquired a new stake in Asbury Automotive Group in the 4th quarter worth $162,000. Finally, Headlands Technologies LLC acquired a new stake in Asbury Automotive Group in the 2nd quarter worth $190,000.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $190.00 to $240.00 in a research report on Wednesday, September 25th. Bank of America reduced their target price on shares of Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com lowered shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on shares of Asbury Automotive Group from $230.00 to $265.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 10th. Finally, Stephens assumed coverage on shares of Asbury Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $251.20.

About Asbury Automotive Group

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.