Lioneye Capital Management Further Increases Stake In Asbury Automotive Group Inc (ABG)

In a report dated July 23, Asbury Automotive Group, Inc. (NYSE:ABG) announced its plan to build two new Nissan and Infiniti dealerships in a former GM plant site in Atlanta, which are expected to open in 2016.

“So we are really pleased about the location and the opportunity…  We think it’s probably one of the highest trafficked corridors in the city. We are really pleased about this project. We have a great partnership with Nissan and Infiniti, and we are really pleased to grow our business with them,” said George Karolis, vice president of corporate development and real estate.

Stephen Raneri’s portfolio has a market value of $2.5 billion as of March 31, and is well diversified in a variety of sectors. Aside from Asbury Automotive Group, Inc. (NYSE:ABG), Ranieri is also heavily invested in Yahoo! Inc. (NASDAQ:YHOO) having more than doubled his investment in the company during the first quarter of 2015. LionEye Capital holds 1.83 million shares of the tech giant, as reported in the fund’s latest 13F filing. Famous Dave’s of America, Inc. (NASDAQ:DAVE) is a stock Ranieri has been unable to stop buying, despite its significant decline in value. The latest addition was at the end of June, and took LionEye Capital’s holding of the stock to 1.04 million shares or 15% of the company’s common stock.

Disclosure: None