Asbury Automotive Group (NYSE:ABG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Asbury Automotive Group (NYSE:ABG) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $235.00 to $240.00 in a research note 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 29.69% from the stock’s previous close.

Other analysts have also issued research reports about the company. Barclays cut their price objective on Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating on the stock in a research report on Friday, February 6th. Weiss Ratings cut Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Morgan Stanley set a $230.00 price target on Asbury Automotive Group in a report on Monday, December 8th. Finally, Bank of America began coverage on Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Asbury Automotive Group presently has an average rating of “Hold” and a consensus target price of $248.29.

Asbury Automotive Group Trading Down 2.1%

Shares of ABG stock opened at $185.06 on Friday. Asbury Automotive Group has a fifty-two week low of $184.61 and a fifty-two week high of $274.50. The company has a 50 day moving average price of $223.63 and a 200 day moving average price of $233.63. The stock has a market capitalization of $3.56 billion, a P/E ratio of 7.38 and a beta of 0.81. 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 (NYSE:ABG) last released its earnings results 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 return on equity of 14.51% and a net margin of 2.73%.The business had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same quarter last year, the company earned $7.26 earnings per share. Asbury Automotive Group’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts predict that Asbury Automotive Group will post 26.28 EPS for the current fiscal year.

Insider Buying and Selling at Asbury Automotive Group

In other news, Director B. Christopher Disantis acquired 500 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was acquired 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 in the company, valued at approximately $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Asbury Automotive Group

Large investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC purchased a new stake in Asbury Automotive Group during the 4th quarter worth about $25,000. Torren Management LLC purchased a new position in shares of Asbury Automotive Group in the 4th quarter valued at about $27,000. Quarry LP increased its holdings in shares of Asbury Automotive Group by 319.2% in the 3rd quarter. Quarry LP now owns 109 shares of the company’s stock valued at $27,000 after acquiring an additional 83 shares during the last quarter. Bogart Wealth LLC raised its position in shares of Asbury Automotive Group by 52.4% during the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company’s stock worth $30,000 after acquiring an additional 44 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Asbury Automotive Group by 69.2% during the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock worth $31,000 after acquiring an additional 54 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.