Stephens Initiates Coverage on Asbury Automotive Group (NYSE:ABG)

Stephens assumed coverage on shares of Asbury Automotive Group (NYSE:ABG) in a research note issued to investors on Thursday morning, MarketBeat reports. The brokerage issued an equal weight rating and a $216.00 price target on the stock.

ABG has been the subject of a number of other research reports. StockNews.com lowered shares of Asbury Automotive Group from a hold rating to a sell rating in a report on Monday, August 12th. Morgan Stanley upped their price objective on Asbury Automotive Group from $185.00 to $190.00 and gave the company an underweight rating in a report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. raised their target price on Asbury Automotive Group from $230.00 to $265.00 and gave the stock a neutral rating in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $225.25.

Asbury Automotive Group Price Performance

Asbury Automotive Group stock opened at $221.70 on Thursday. The business’s 50-day simple moving average is $237.88 and its 200 day simple moving average is $228.94. The company has a quick ratio of 0.45, a current ratio of 1.25 and a debt-to-equity ratio of 1.05. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of 8.08 and a beta of 1.16. Asbury Automotive Group has a 12-month low of $178.40 and a 12-month high of $277.13.

Asbury Automotive Group (NYSE:ABG) last issued its earnings results on Friday, August 2nd. The company reported $6.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.31 by ($0.91). The business had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.31 billion. Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the business posted $8.95 EPS. As a group, research analysts anticipate that Asbury Automotive Group will post 26.99 earnings per share for the current year.

Insider Activity at Asbury Automotive Group

In other news, major shareholder Impactive Capital Lp sold 8,353 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the sale, the insider now owns 2,008,649 shares of the company’s stock, valued at $453,211,473.87. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO David W. Hult sold 500 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $227.18, for a total value of $113,590.00. Following the sale, the chief executive officer now directly owns 56,834 shares of the company’s stock, valued at approximately $12,911,548.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $225.63, for a total value of $1,884,687.39. Following the transaction, the insider now owns 2,008,649 shares of the company’s stock, valued at approximately $453,211,473.87. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of Asbury Automotive Group

A number of institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its position in Asbury Automotive Group by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 5,141 shares of the company’s stock valued at $1,171,000 after buying an additional 51 shares during the last quarter. Oak Associates Ltd. OH grew its stake in shares of Asbury Automotive Group by 1.4% during the 2nd quarter. Oak Associates Ltd. OH now owns 3,648 shares of the company’s stock worth $831,000 after acquiring an additional 51 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Asbury Automotive Group by 0.5% in the first quarter. Janus Henderson Group PLC now owns 10,980 shares of the company’s stock valued at $2,588,000 after purchasing an additional 60 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Asbury Automotive Group by 0.3% in the first quarter. Illinois Municipal Retirement Fund now owns 24,680 shares of the company’s stock worth $5,819,000 after purchasing an additional 62 shares in the last quarter. Finally, SummerHaven Investment Management LLC boosted its holdings in Asbury Automotive Group by 2.2% during the second quarter. SummerHaven Investment Management LLC now owns 3,030 shares of the company’s stock worth $690,000 after purchasing an additional 66 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.