Asbury Automotive Group (NYSE:ABG) Hits New 52-Week Low – Here’s What Happened

Asbury Automotive Group, Inc. (NYSE:ABG) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $197.51 and last traded at $201.46, with a volume of 26319 shares traded. The stock had previously closed at $207.63.

Wall Street Analyst Weigh In

ABG has been the topic of a number of recent analyst reports. Bank of America started coverage on Asbury Automotive Group in a research report on Wednesday. They issued a “buy” rating on the stock. Barclays cut their price target on shares of Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating on the stock in a report on Friday, February 6th. Morgan Stanley set a $230.00 price objective on shares of Asbury Automotive Group in a report on Monday, December 8th. Weiss Ratings downgraded shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 23rd. Finally, Zacks Research cut shares of Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 11th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $247.57.

Asbury Automotive Group Trading Down 1.2%

The business’s 50 day moving average is $232.94 and its two-hundred day moving average is $237.63. The firm has a market capitalization of $3.95 billion, a P/E ratio of 8.18 and a beta of 0.81. The company has a quick ratio of 0.35, a current ratio of 0.95 and a debt-to-equity ratio of 0.79.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings data on Thursday, February 5th. The company reported $6.67 EPS for the quarter, missing analysts’ consensus estimates of $6.70 by ($0.03). The firm had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.93 billion. Asbury Automotive Group had a return on equity of 14.51% and a net margin of 2.73%.The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $7.26 EPS. Analysts expect that Asbury Automotive Group, Inc. will post 26.28 EPS for the current year.

Hedge Funds Weigh In On Asbury Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Abrams Capital Management L.P. raised its stake in shares of Asbury Automotive Group by 2.2% in the 3rd quarter. Abrams Capital Management L.P. now owns 2,155,492 shares of the company’s stock valued at $526,910,000 after acquiring an additional 46,952 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Asbury Automotive Group by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,122,322 shares of the company’s stock worth $260,980,000 after acquiring an additional 18,154 shares during the period. Eminence Capital LP grew its holdings in shares of Asbury Automotive Group by 36.0% during the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock worth $239,055,000 after purchasing an additional 265,539 shares in the last quarter. State Street Corp grew its holdings in shares of Asbury Automotive Group by 1.2% during the 4th quarter. State Street Corp now owns 781,228 shares of the company’s stock worth $181,659,000 after purchasing an additional 9,535 shares in the last quarter. Finally, Timucuan Asset Management Inc. FL increased its position in shares of Asbury Automotive Group by 1.5% during the second quarter. Timucuan Asset Management Inc. FL now owns 724,082 shares of the company’s stock valued at $172,723,000 after purchasing an additional 10,924 shares during the period.

Asbury Automotive Group Company Profile

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.