JPMorgan Chase & Co. Issues Pessimistic Forecast for Asbury Automotive Group (NYSE:ABG) Stock Price

Asbury Automotive Group (NYSE:ABG) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $240.00 to $235.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 11.34% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Barclays boosted their target price on Asbury Automotive Group from $230.00 to $235.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 7th. Stephens reduced their target price on Asbury Automotive Group from $277.00 to $254.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. Weiss Ratings cut Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Citigroup reduced their target price on Asbury Automotive Group from $260.00 to $212.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 8th. Finally, Bank of America started coverage on Asbury Automotive Group in a research note on Wednesday, March 4th. They set a “buy” rating on the stock. Two 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $241.57.

Asbury Automotive Group Price Performance

ABG opened at $211.07 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.35 and a current ratio of 0.95. Asbury Automotive Group has a 52-week low of $184.61 and a 52-week high of $274.50. The stock has a market capitalization of $4.07 billion, a PE ratio of 8.41, a price-to-earnings-growth ratio of 1.02 and a beta of 0.80. The stock’s 50 day moving average price is $206.66 and its 200-day moving average price is $226.97.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.93 billion. During the same period last year, the firm posted $7.26 earnings per share. Asbury Automotive Group’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities research analysts predict that Asbury Automotive Group will post 26.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director B. Christopher Disantis purchased 500 shares of Asbury Automotive Group 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 completion of the purchase, the director directly owned 5,400 shares in the company, valued at approximately $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Asbury Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABG. AQR Capital Management LLC grew its stake in Asbury Automotive Group by 11.0% in the first quarter. AQR Capital Management LLC now owns 6,263 shares of the company’s stock worth $1,383,000 after purchasing an additional 619 shares during the period. Goldman Sachs Group Inc. grew its stake in Asbury Automotive Group by 49.1% in the first quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company’s stock worth $61,561,000 after purchasing an additional 91,767 shares during the period. United Services Automobile Association purchased a new stake in Asbury Automotive Group in the first quarter worth $265,000. Empowered Funds LLC grew its stake in Asbury Automotive Group by 11.4% in the first quarter. Empowered Funds LLC now owns 7,639 shares of the company’s stock worth $1,687,000 after purchasing an additional 783 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Asbury Automotive Group by 3.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 51,239 shares of the company’s stock worth $11,316,000 after acquiring an additional 1,676 shares in the last quarter.

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.