Asbury Automotive Group (ABG) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Asbury Automotive Group (NYSE:ABG) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. They currently have $88.00 price target on the stock.

According to Zacks, “Asbury Automotive Group, Inc. is one of the largest automotive retailers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts. They sell used vehicles at all franchised dealership locations and stand-alone stores. Used vehicle sales include the sale of used vehicles to individual retail customers and the sale of used vehicles to other dealers at auction. They provide vehicle repair and maintenance services, sell replacement parts, and recondition used vehicles at all of our dealerships. “

ABG has been the topic of a number of other research reports. Craig Hallum upgraded Asbury Automotive Group from a hold rating to a buy rating and set a $90.00 target price on the stock in a research report on Wednesday, April 24th. Morgan Stanley lifted their target price on Asbury Automotive Group from $85.00 to $87.00 and gave the company an equal weight rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. began coverage on Asbury Automotive Group in a research report on Tuesday, February 19th. They issued a neutral rating and a $82.00 target price on the stock. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $81.83.



NYSE ABG opened at $78.57 on Tuesday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 0.63 and a beta of 1.22. The company has a current ratio of 1.15, a quick ratio of 0.33 and a debt-to-equity ratio of 1.85. Asbury Automotive Group has a fifty-two week low of $58.60 and a fifty-two week high of $82.30.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $2.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.92 by $0.28. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.67 billion. Asbury Automotive Group had a return on equity of 36.35% and a net margin of 2.43%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 earnings per share. Equities analysts anticipate that Asbury Automotive Group will post 8.93 EPS for the current year.

In other Asbury Automotive Group news, CFO Sean D. Goodman sold 3,299 shares of Asbury Automotive Group stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $79.77, for a total value of $263,161.23. Following the sale, the chief financial officer now owns 26,183 shares in the company, valued at $2,088,617.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eugene S. Katz sold 3,000 shares of Asbury Automotive Group stock in a transaction on Monday, May 6th. The shares were sold at an average price of $80.70, for a total value of $242,100.00. Following the completion of the sale, the director now owns 20,122 shares in the company, valued at approximately $1,623,845.40. The disclosure for this sale can be found here. Insiders sold 58,599 shares of company stock worth $4,435,949 in the last 90 days. Company insiders own 1.36% of the company’s stock.

A number of large investors have recently bought and sold shares of ABG. Peregrine Capital Management LLC raised its holdings in shares of Asbury Automotive Group by 49.7% in the 4th quarter. Peregrine Capital Management LLC now owns 113,001 shares of the company’s stock valued at $7,533,000 after buying an additional 37,491 shares during the period. Chicago Equity Partners LLC raised its holdings in shares of Asbury Automotive Group by 2.9% in the 4th quarter. Chicago Equity Partners LLC now owns 95,785 shares of the company’s stock valued at $6,385,000 after buying an additional 2,700 shares during the period. Federated Investors Inc. PA raised its holdings in shares of Asbury Automotive Group by 3.3% in the 3rd quarter. Federated Investors Inc. PA now owns 128,925 shares of the company’s stock valued at $8,863,000 after buying an additional 4,065 shares during the period. Rhumbline Advisers raised its holdings in shares of Asbury Automotive Group by 16.1% in the 4th quarter. Rhumbline Advisers now owns 60,298 shares of the company’s stock valued at $4,019,000 after buying an additional 8,342 shares during the period. Finally, First Hawaiian Bank raised its holdings in shares of Asbury Automotive Group by 59.4% in the 4th quarter. First Hawaiian Bank now owns 6,330 shares of the company’s stock valued at $422,000 after buying an additional 2,360 shares during the period.

Asbury Automotive Group Company Profile

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.

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