The Alaska Department of Revenue has recently taken a strategic step by divesting a portion of its stock holdings in Asbury Automotive Group, Inc. (NYSE:ABG). As per the department’s recent filing with the Securities & Exchange Commission, it sold 136 shares of the company’s stock in the first quarter, resulting in a 1.1% reduction in its overall holdings. At the time of the most recent filing, the department held approximately 0.06% of Asbury Automotive Group, amounting to a total worth of $2,955,000.
Apart from the Alaska Department of Revenue, other hedge funds have also engaged in the buying and selling of ABG stock shares. Notably, Norges Bank established a new position in Asbury Automotive Group during the fourth quarter, making a significant investment valued at $67,417,000. Additionally, leading institutions such as Schroder Investment Management Group, Eminence Capital LP, and Dimensional Fund Advisors LP increased their positions in the company, further bolstering Asbury Automotive Group’s position in the market.
Renowned financial analyst firm JPMorgan Chase & Co. recently adjusted its rating of Asbury Automotive Group from “overweight” to “neutral,” with a price target of $230.00. This shift in rating reflects the evolving performance and potential of ABG in the present market landscape.
In assessing the financial performance of Asbury Automotive Group, Inc., the company’s stock opened at $224.72 on Friday, maintaining a price range of $178.40 to $256.39 over the past year. With a market capitalization of $4.53 billion, a price-to-earnings ratio of 8.19, and a beta of 1.17, Asbury Automotive Group has proven to be a resilient player in the automotive industry.
During its last earnings call on April 25th, Asbury Automotive Group reported a substantial revenue of $4.20 billion, signifying a 17.3% increase compared to the same quarter in the previous year. While the company’s earnings per share fell short of the consensus estimate by $0.55, analysts anticipate a positive trajectory in the forthcoming fiscal year, with a projected EPS of 29.6.
Recognised for its top-tier automotive retail operations in the United States, Asbury Automotive Group, Inc. continues to exhibit resilience and adaptability in the dynamic market environment. The company offers a comprehensive range of automotive products and services, catering to the diverse needs of both new and used vehicle buyers. Additionally, it provides extensive vehicle repair and maintenance services, replacement parts, and collision repair services, ensuring a holistic experience for its customers.
To sum up, Asbury Automotive Group, Inc. has demonstrated remarkable market performance and financial stability, capturing the attention of both investors and analysts. As the company continues to evolve and navigate the changing landscape of the automotive industry, it stands as a prominent player, poised for growth and success in the coming years. For those seeking further information, MarketBeat.com offers a valuable resource for daily news and analyst ratings related to Asbury Automotive Group and other companies, providing comprehensive insights and updates for informed decision-making.