JPMorgan Chase & Co. Cuts Asbury Automotive Group (NYSE:ABG) Price Target to $235.00
by Scott Moore · The Cerbat GemAsbury Automotive Group (NYSE:ABG – Get Free Report) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $240.00 to $235.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 9.68% from the stock’s previous close.
Other research analysts have also issued research reports about the company. Barclays increased their price target on Asbury Automotive Group from $230.00 to $235.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 7th. Stephens reduced their target price on shares of Asbury Automotive Group from $277.00 to $254.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Bank of America initiated coverage on Asbury Automotive Group in a research note on Wednesday, March 4th. They issued a “buy” rating for the company. Weiss Ratings lowered Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 23rd. Finally, Citigroup lowered their price target on Asbury Automotive Group from $260.00 to $212.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Asbury Automotive Group has a consensus rating of “Hold” and an average target price of $241.57.
Get Our Latest Stock Report on ABG
Asbury Automotive Group Trading Up 5.0%
ABG traded up $10.17 during trading on Friday, reaching $214.26. 74,237 shares of the stock traded hands, compared to its average volume of 210,938. The company has a quick ratio of 0.35, a current ratio of 0.95 and a debt-to-equity ratio of 0.79. The stock’s 50-day moving average is $206.95 and its 200 day moving average is $227.30. Asbury Automotive Group has a 12 month low of $184.61 and a 12 month high of $274.50. The stock has a market capitalization of $4.13 billion, a PE ratio of 8.54, a P/E/G ratio of 1.01 and a beta of 0.80.
Asbury Automotive Group (NYSE:ABG – Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.70 by ($0.03). Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The business had revenue of $4.68 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period in the prior year, the firm earned $7.26 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts anticipate that Asbury Automotive Group will post 26.28 earnings per share for the current year.
Insider Buying and Selling at Asbury Automotive Group
In other news, Director B. Christopher Disantis acquired 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average cost of $202.30 per share, with a total value of $101,150.00. Following the transaction, the director owned 5,400 shares of the company’s stock, valued at $1,092,420. This trade represents a 10.20% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.75% of the stock is owned by insiders.
Hedge Funds Weigh In On Asbury Automotive Group
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Asbury Automotive Group by 631.4% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 7,036 shares of the company’s stock worth $1,720,000 after acquiring an additional 6,074 shares during the period. American Century Companies Inc. boosted its position in shares of Asbury Automotive Group by 261.7% during the 3rd quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock valued at $39,025,000 after acquiring an additional 115,504 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Asbury Automotive Group by 1,570.2% in the fourth quarter. SG Americas Securities LLC now owns 9,086 shares of the company’s stock valued at $2,113,000 after purchasing an additional 8,542 shares in the last quarter. Magnolia Group LLC increased its position in Asbury Automotive Group by 18.7% in the third quarter. Magnolia Group LLC now owns 282,623 shares of the company’s stock worth $69,087,000 after purchasing an additional 44,500 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Asbury Automotive Group by 14.4% during the third quarter. Public Sector Pension Investment Board now owns 76,656 shares of the company’s stock valued at $18,739,000 after purchasing an additional 9,632 shares in the last quarter.
About Asbury Automotive Group
Asbury Automotive Group, Inc (NYSE:ABG) is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.
In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.