Asbury Automotive Group (NYSE:ABG) Raised 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 report released on Wednesday morning, Zacks.com reports. They currently have $95.00 price objective 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 subject of a number of other reports. Craig Hallum raised Asbury Automotive Group from a hold rating to a buy rating and set a $90.00 price objective for the company in a research report on Wednesday, April 24th. Morgan Stanley boosted their price objective on Sonic Automotive from $10.00 to $18.00 and gave the stock an underweight rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. started coverage on Pinduoduo in a research report on Tuesday. They set an underweight rating and a $20.48 price objective for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $84.00.



Shares of Asbury Automotive Group stock opened at $84.50 on Wednesday. Asbury Automotive Group has a one year low of $58.60 and a one year high of $87.16. The firm has a market capitalization of $1.63 billion, a P/E ratio of 9.68, a PEG ratio of 0.65 and a beta of 1.25. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.33 and a current ratio of 1.15. The stock’s 50-day moving average is $80.68.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $2.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.92 by $0.28. Asbury Automotive Group had a return on equity of 36.35% and a net margin of 2.43%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the company posted $1.93 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts forecast that Asbury Automotive Group will post 9.01 EPS for the current year.

In related news, Director Eugene S. Katz sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $80.70, for a total value of $242,100.00. Following the completion of the transaction, the director now directly owns 20,122 shares of the company’s stock, valued at $1,623,845.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jed Milstein sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $78.36, for a total value of $101,868.00. Following the completion of the transaction, the senior vice president now directly owns 11,727 shares of the company’s stock, valued at $918,927.72. The disclosure for this sale can be found here. Insiders sold 32,599 shares of company stock valued at $2,589,539 over the last ninety days. 1.36% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ABG. BlackRock Inc. boosted its holdings in shares of Asbury Automotive Group by 1.3% in the fourth quarter. BlackRock Inc. now owns 3,384,516 shares of the company’s stock valued at $225,611,000 after acquiring an additional 42,446 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Asbury Automotive Group by 9.0% in the first quarter. Victory Capital Management Inc. now owns 1,419,858 shares of the company’s stock valued at $98,481,000 after acquiring an additional 117,677 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Asbury Automotive Group by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 888,124 shares of the company’s stock valued at $59,202,000 after acquiring an additional 8,989 shares during the period. Macquarie Group Ltd. boosted its holdings in shares of Asbury Automotive Group by 1.9% in the fourth quarter. Macquarie Group Ltd. now owns 423,813 shares of the company’s stock valued at $28,251,000 after acquiring an additional 7,900 shares during the period. Finally, Norges Bank acquired a new stake in shares of Asbury Automotive Group in the fourth quarter valued at approximately $18,252,000.

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.

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