Analysts Anticipate Asbury Automotive Group, Inc. (ABG) Will Post Quarterly Sales of $1.80 Billion

Wall Street brokerages expect that Asbury Automotive Group, Inc. (NYSE:ABG) will report $1.80 billion in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Asbury Automotive Group’s earnings, with estimates ranging from $1.80 billion to $1.81 billion. Asbury Automotive Group posted sales of $1.72 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 4.7%. The firm is expected to issue its next quarterly earnings report on Tuesday, July 23rd.

According to Zacks, analysts expect that Asbury Automotive Group will report full year sales of $7.14 billion for the current fiscal year, with estimates ranging from $7.08 billion to $7.20 billion. For the next fiscal year, analysts forecast that the business will report sales of $7.20 billion, with estimates ranging from $6.91 billion to $7.44 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Asbury Automotive Group.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.28. Asbury Automotive Group had a net margin of 2.43% and a return on equity of 36.35%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. Asbury Automotive Group’s revenue for the quarter was up 3.8% on a year-over-year basis.



Several brokerages have recently weighed in on ABG. Zacks Investment Research upgraded shares of Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Tuesday, May 14th. Craig Hallum upgraded shares of Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Wednesday, April 24th. Finally, JPMorgan Chase & Co. began coverage on shares of Asbury Automotive Group in a research note on Tuesday, February 19th. They set a “neutral” rating and a $82.00 target price for the company. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Asbury Automotive Group has an average rating of “Hold” and a consensus target price of $81.67.

In related news, Director Eugene S. Katz sold 3,000 shares of the firm’s stock in a transaction dated 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 $1,623,845.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jed Milstein sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $69.41, for a total transaction of $69,410.00. Following the completion of the sale, the senior vice president now owns 13,027 shares of the company’s stock, valued at approximately $904,204.07. The disclosure for this sale can be found here. Insiders have sold 33,599 shares of company stock valued at $2,658,949 in the last quarter. Insiders own 1.36% of the company’s stock.

A number of large investors have recently made changes to their positions in ABG. Bank of Montreal Can lifted its position in Asbury Automotive Group by 26.1% in the first quarter. Bank of Montreal Can now owns 1,010 shares of the company’s stock valued at $71,000 after purchasing an additional 209 shares during the period. PNC Financial Services Group Inc. increased its holdings in Asbury Automotive Group by 29.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,419 shares of the company’s stock valued at $95,000 after buying an additional 325 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Asbury Automotive Group by 31.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,611 shares of the company’s stock valued at $107,000 after buying an additional 390 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Asbury Automotive Group in the first quarter valued at about $110,000. Finally, Denali Advisors LLC increased its holdings in Asbury Automotive Group by 3,991.5% in the first quarter. Denali Advisors LLC now owns 1,923 shares of the company’s stock valued at $133,000 after buying an additional 1,876 shares in the last quarter.

Shares of ABG traded up $0.78 during mid-day trading on Friday, hitting $78.58. 53,391 shares of the company’s stock were exchanged, compared to its average volume of 168,790. Asbury Automotive Group has a fifty-two week low of $58.60 and a fifty-two week high of $82.30. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 9.34, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.33 and a current ratio of 1.15.

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.

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