Goldman Sachs Group Inc. recently reduced its stake in Asbury Automotive Group, Inc. by 25.4% during the fourth quarter. As per the filing with the Securities and Exchange Commission, the firm divested 75,277 shares, resulting in a remaining 221,466 shares of the company’s stock. This stake was valued at $49,823,000 at the end of the most recent quarter, representing approximately 1.08% of Asbury Automotive Group.
Various institutional investors and hedge funds have also adjusted their positions in ABG. Norges Bank acquired a new stake in Asbury Automotive Group in the fourth quarter, valued at around $67,417,000. Additionally, Schroder Investment Management Group and Eminence Capital LP raised their positions, while Dimensional Fund Advisors LP and International Assets Investment Management LLC acquired new stakes in the company.
On a different note, JPMorgan Chase & Co. downgraded Asbury Automotive Group from an “overweight” rating to a “neutral” rating and set a $230.00 price target on the stock.
Asbury Automotive Group demonstrated a steady stock performance, with shares commencing at $233.12 on Thursday. The company holds a market capitalization of $4.70 billion, a price-to-earnings ratio of 8.50, and a beta of 1.19.
The company’s earnings results for the previous quarter revealed a revenue of $4.20 billion, which fell below analysts’ consensus estimates. Asbury Automotive Group recorded a net margin of 3.68% and a return on equity of 20.12%. Despite the revenue shortfall, the company experienced a 17.3% year-over-year growth in revenue.
Asbury Automotive Group, Inc. is a provider of various automotive products and services, including new and used vehicles, vehicle repair and maintenance services, replacement parts, and collision repair services.
In summary, the recent reduction in Goldman Sachs’ stake in Asbury Automotive Group, Inc. is a noteworthy development in the stock market. Although the company’s revenue did not meet expectations, it demonstrated growth in year-over-year revenue. These factors may have influenced the recent ratings downgrade by JPMorgan Chase & Co. With ongoing changes in stake ownership and analyst ratings, the performance of Asbury Automotive Group in the upcoming months will be of interest.