Asbury Automotive Group, Inc. (ABG): Smart Money Sentiment Improving After Q1 Beating

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Consequently, key money managers have been driving this bullishness. Point72 Asset Management, led by Steve Cohen, initiated the most valuable position in Asbury Automotive Group, Inc. (NYSE:ABG). Point72 Asset Management had $13.9 million invested in the company at the end of the quarter. Paul Singer’s Elliott Management also initiated a $12.4 million position during the quarter. The other funds with brand new ABG positions are Joel Greenblatt’s Gotham Asset Management, Scott Scher & Michael Prober’s Clovis Capital Management, and Noam Gottesman’s GLG Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Asbury Automotive Group, Inc. (NYSE:ABG) but similarly valued. We will take a look at Guess?, Inc. (NYSE:GES), Precision Drilling Corp (USA) (NYSE:PDS), Aerojet Rocketdyne Holdings Inc (NYSE:AJRD), and Supernus Pharmaceuticals Inc (NASDAQ:SUPN). This group of stocks’ market caps resemble ABG’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GES 15 62779 4
PDS 7 45552 0
AJRD 14 271637 -2
SUPN 20 51198 2

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $108 million. That figure was $426 million in ABG’s case. Supernus Pharmaceuticals Inc (NASDAQ:SUPN) is the most popular stock in this table. On the other hand Precision Drilling Corp (USA) (NYSE:PDS) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Asbury Automotive Group, Inc. (NYSE:ABG) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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