Maryland State Retirement & Pension System recently reduced its investment in Asbury Automotive Group, Inc. by 5.9% during the second quarter of this year. According to the company’s filing with the Securities and Exchange Commission (SEC), the fund now holds 8,390 shares of Asbury Automotive Group, down from 8,913 shares previously. This reduction resulted in a decrease in the value of Maryland State Retirement & Pension System’s holdings in the company to $2,017,000 at the end of the quarter.
Asbury Automotive Group is an automotive retailer that operates across the United States through various subsidiaries. The company offers a wide range of automotive products and services to its customers. These include both new and used vehicles, as well as vehicle repair and maintenance services. Additionally, Asbury Automotive Group provides replacement parts and collision repair services.
The decision by Maryland State Retirement & Pension System to trim its holdings in Asbury Automotive Group may have been driven by a variety of factors. Investors regularly review their portfolios to assess performance and make adjustments based on market conditions and investment strategies. While it is unclear what specific reasons led to this reduction in holdings, it is worth noting that such changes are common occurrences within investment funds.
Asbury Automotive Group has been actively expanding its operations as part of its growth strategy in recent years. This has included acquisitions of dealership groups across different states in the US. By increasing its presence through acquisition, Asbury Automotive Group aims to strengthen its market position and ultimately enhance shareholder value.
Investors seeking detailed analysis on Asbury Automotive Group can refer to our latest stock analysis for insights into market trends, financial performance, and potential risks associated with investing in this company.
In conclusion, Maryland State Retirement & Pension System has lowered its investment position in Asbury Automotive Group during the second quarter of this year. While specific reasons behind this decision remain unclear, it is important for investors to regularly evaluate their portfolios and make adjustments based on their investment goals and market conditions. Asbury Automotive Group continues to provide a range of automotive products and services to its customers, backed by its expansion efforts aimed at enhancing shareholder value.
Asbury Automotive Group, Inc.
ABG
Buy
Updated on: 22/09/2023
Growing Interest and Positive Outlook for Asbury Automotive Group’s Performance
Asbury Automotive Group (NYSE:ABG) has recently caught the attention of several large investors, as indicated by their modified holdings of the company. Belpointe Asset Management LLC, for instance, significantly increased its stake in shares of Asbury Automotive Group by 66.9% during the 1st quarter. Following this boost, the company now owns 227 shares of Asbury’s stock amounting to a value of $48,000 after acquiring an additional 91 shares in the last quarter.
Another major player who joined in on this investment strategy is Archer Investment Corp, who acquired a new position in Asbury Automotive Group during the same period, at a total worth of approximately $83,000. Quadrant Capital Group LLC also took notice and consequently raised its stake by 18.5% during the 4th quarter; it now owns 487 shares valued at $87,000 after purchasing an additional 76 shares within the last quarter.
BOKF NA entered the picture during the first quarter as well by securing a new position in Asbury Automotive Group with a value estimated at around $104,000. Notably, Ronald Blue Trust Inc., known for its significant influence in investment decisions, boosted its stake by an astounding 44% during the same period. Currently, Ronald Blue Trust Inc. owns 641 shares valued at $115,000 after buying an additional 196 shares in the last quarter.
The recent activity among these high-profile investors has spurred interest and speculation surrounding Asbury Automotive Group. In addition to these strategic moves from industry insiders and experts alike, several equities research analysts have also issued reports on the company.
Morgan Stanley notably raised their target price on shares of Asbury Automotive Group from $128.00 to $165.00 while simultaneously assigning it an “underweight” rating in their researched note on Wednesday, August 9th. On Thursday, September 7th, StockNews.com downgraded Asbury Automotive Group from a “buy” rating to a “hold” rating in their research note. Stephens, however, decided to raise their target price to $300.00 from $275.00 in their research note on Wednesday, July 19th.
Presently, Asbury Automotive Group’s shares are trading at $226.51 which has piqued curiosity among investors and observers alike. Furthermore, the company demonstrates a solid performance from its 50-day moving average price of $226.75 and two-hundred day moving average price of $217.71.
Despite these intriguing investment developments, it is crucial to examine the company’s financial standing. The firm boasts impressive figures such as a quick ratio of 0.77, a current ratio of 1.91 and a relatively low debt-to-equity ratio of 1.04. These factors contribute to the company’s strong market capitalization of $4.66 billion and modest PE ratio of 5.28.
In terms of profitability and investor returns, Asbury Automotive Group reported impressive earnings for the quarter ended July 25th. The company exceeded the consensus estimate by generating an earnings per share (EPS) figure of $8.95 compared to the projected $8.24 EPS – indicating remarkable growth.
The quarterly revenue for Asbury Automotive Group was slightly lower than anticipated at $3.74 billion instead of the expected $3.80 billion; nevertheless, this slight shortfall did not significantly impact profitability given that net margin remained at 6% with a return on equity standing strong at 26%.
Analysts have projected that Asbury Automotive Group will post approximately $33.53 earnings per share for the current fiscal year – an optimistic outlook that explains investors’ enthusiasm towards participating in the company’s future.
In conclusion, recent modifications made by prominent investors to their holdings in Asbury Automotive Group, as well as reports from various equities research analysts, indicate a growing interest in the company’s performance. These developments have captured the attention of both long-term investors and industry observers alike. While there are certainly risks involved with any investment, Asbury Automotive Group is poised to potentially deliver noteworthy returns for those who choose to remain vigilant and informed about its market trajectory.
