Asbury Automotive Group (NYSE:ABG) Given New $230.00 Price Target at Morgan Stanley

Asbury Automotive Group (NYSE:ABG) had its price target boosted by Morgan Stanley from $225.00 to $230.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also recently issued reports on ABG. JPMorgan Chase & Co. cut their price objective on shares of Asbury Automotive Group from $225.00 to $215.00 and set an “underweight” rating for the company in a research note on Tuesday, August 5th. Citigroup started coverage on shares of Asbury Automotive Group in a research note on Wednesday, April 23rd. They issued a “neutral” rating and a $236.00 price target for the company. Stephens upgraded shares of Asbury Automotive Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $225.00 to $277.00 in a research note on Wednesday. Cfra set a $225.00 price objective on shares of Asbury Automotive Group in a research note on Tuesday, July 29th. Finally, Wall Street Zen raised shares of Asbury Automotive Group from a “hold” rating to a “buy” rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $254.00.

Asbury Automotive Group Stock Performance

NYSE ABG opened at $242.12 on Thursday. The company’s 50 day moving average is $239.36 and its 200-day moving average is $242.72. The company has a quick ratio of 0.49, a current ratio of 1.30 and a debt-to-equity ratio of 0.78. The firm has a market cap of $4.76 billion, a P/E ratio of 8.84, a price-to-earnings-growth ratio of 1.61 and a beta of 0.87. Asbury Automotive Group has a 12-month low of $201.68 and a 12-month high of $312.56.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $7.43 EPS for the quarter, topping analysts’ consensus estimates of $6.82 by $0.61. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.44 billion. Asbury Automotive Group had a net margin of 3.13% and a return on equity of 15.41%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.40 EPS. Sell-side analysts predict that Asbury Automotive Group will post 26.28 earnings per share for the current year.

Hedge Funds Weigh In On Asbury Automotive Group

Several large investors have recently added to or reduced their stakes in ABG. Versant Capital Management Inc lifted its holdings in shares of Asbury Automotive Group by 43.9% in the first quarter. Versant Capital Management Inc now owns 164 shares of the company’s stock worth $36,000 after buying an additional 50 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Asbury Automotive Group in the first quarter worth about $49,000. Northwestern Mutual Wealth Management Co. lifted its stake in Asbury Automotive Group by 64.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 206 shares of the company’s stock worth $49,000 after acquiring an additional 81 shares during the period. eCIO Inc. purchased a new stake in Asbury Automotive Group in the first quarter worth about $56,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Asbury Automotive Group by 104.2% during the second quarter. EverSource Wealth Advisors LLC now owns 337 shares of the company’s stock valued at $80,000 after buying an additional 172 shares during the last quarter.

About Asbury Automotive Group

Asbury Automotive Group, Inc, together with its subsidiaries, operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance services, replacement parts, and collision repair services.