5 Best Stocks to Invest in Today According to David Abrams

3. Asbury Automotive Group, Inc. (NYSE: ABG)

Abrams’ Stake Value: $362,999,000
Percentage of Jorge David Abrams’ 13F Portfolio: 8.06%
Number of Hedge Fund Holders: 26

Asbury Automotive Group, Inc. (NYSE: ABG) and its subsidiaries are car retailers in the United States. It was founded in 1996 and ranks third on the list of 15 best stocks to invest in today according to David Abrams. Shares of Asbury Automotive Group, Inc. (NYSE: ABG) rallied 71.68% in the last 12 months, resulting in a $3.69 billion market capitalization.

On July 27, Asbury Automotive Group, Inc. (NYSE: ABG) posted earnings for the second quarter of 2021. It reported earnings per share of $7.78, beating the estimates by $2.69. The revenue over the period was $2.58 billion, up 77.9% YoY, beating the market predictions by $220 million. On July 26, Morgan Stanley analyst Adam Jonas downgraded Asbury Automotive Group, Inc. (NYSE: ABG) to “Equal Weight” from “Overweight” and gave a price target of $201, up from $196. Franchise auto dealers have benefited dramatically from the most robust supply-demand imbalance and inventory tightness in memory. Still, Jonas tells investors after another record-high quarter, cycle-high conditions provide an excellent opportunity to reduce exposure to franchise dealers before secular issues emerge.

Abrams Capital Management holds more than 2.12 million shares in Asbury Automotive Group, Inc. (NYSE: ABG), worth $363 million. This represents 8.06% of their portfolio.