Seaport Res Ptn Downgrades Asbury Automotive Group (NYSE:ABG) to Hold

Asbury Automotive Group (NYSE:ABG) was downgraded by research analysts at Seaport Res Ptn from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s FY2024 earnings at $26.14 EPS and FY2025 earnings at $25.45 EPS.

Other research analysts have also issued research reports about the stock. Morgan Stanley upgraded shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $190.00 to $240.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. lowered their target price on Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Bank of America reduced their price target on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Stephens started coverage on Asbury Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $216.00 price objective on the stock. Finally, Craig Hallum lifted their target price on Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Asbury Automotive Group presently has a consensus rating of “Hold” and a consensus target price of $256.20.

Asbury Automotive Group Stock Performance

ABG opened at $258.74 on Monday. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98. Asbury Automotive Group has a 12-month low of $195.09 and a 12-month high of $277.13. The business has a 50 day moving average of $231.24 and a 200-day moving average of $233.52. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 14.64 and a beta of 1.16.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $6.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.58 by ($0.23). Asbury Automotive Group had a net margin of 2.16% and a return on equity of 16.51%. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period in the prior year, the business earned $8.12 EPS. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts expect that Asbury Automotive Group will post 25.44 earnings per share for the current year.

Institutional Trading of Asbury Automotive Group

A number of institutional investors have recently modified their holdings of ABG. Natixis bought a new stake in Asbury Automotive Group during the first quarter worth about $896,000. Boston Partners bought a new stake in shares of Asbury Automotive Group during the 1st quarter worth approximately $878,000. Tidal Investments LLC bought a new stake in shares of Asbury Automotive Group during the 1st quarter worth approximately $537,000. Bridges Investment Management Inc. acquired a new stake in shares of Asbury Automotive Group during the 2nd quarter worth approximately $760,000. Finally, UniSuper Management Pty Ltd bought a new position in Asbury Automotive Group in the first quarter valued at approximately $1,017,000.

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.