Asbury Automotive Group (NYSE:ABG) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of Asbury Automotive Group (NYSE:ABG) from an underweight rating to an equal weight rating in a research note released on Wednesday, Marketbeat reports. The firm currently has $240.00 price objective on the stock, up from their previous price objective of $190.00.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their target price on shares of Asbury Automotive Group from $230.00 to $265.00 and gave the stock a neutral rating in a research report on Tuesday, September 10th. StockNews.com downgraded Asbury Automotive Group from a hold rating to a sell rating in a research report on Monday, August 12th. Finally, Stephens assumed coverage on Asbury Automotive Group in a report on Thursday, September 12th. They issued an equal weight rating and a $216.00 price objective for the company. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $237.75.

Asbury Automotive Group Price Performance

NYSE:ABG opened at $244.35 on Wednesday. The company has a market cap of $4.93 billion, a P/E ratio of 8.90 and a beta of 1.16. The firm’s fifty day moving average price is $235.01 and its two-hundred day moving average price is $230.21. Asbury Automotive Group has a one year low of $178.40 and a one year high of $277.13. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.25 and a quick ratio of 0.45.

Asbury Automotive Group (NYSE:ABG) last released its quarterly 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 firm 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 business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned $8.95 earnings per share. Equities analysts expect that Asbury Automotive Group will post 26.99 earnings per share for the current year.

Insider Activity

In related news, major shareholder Impactive Capital Lp sold 8,353 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 in the company, valued at approximately $453,211,473.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Asbury Automotive Group news, CEO David W. Hult sold 500 shares of Asbury Automotive Group stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $227.18, for a total value of $113,590.00. Following the transaction, the chief executive officer now owns 56,834 shares in the company, valued at $12,911,548.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the business’s 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 directly 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. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Asbury Automotive Group

Several hedge funds and other institutional investors have recently made changes to their positions in ABG. Arizona State Retirement System lifted its stake 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 purchasing an additional 51 shares during the last quarter. Oak Associates Ltd. OH lifted its stake in shares of Asbury Automotive Group by 1.4% in the 2nd quarter. Oak Associates Ltd. OH now owns 3,648 shares of the company’s stock valued at $831,000 after acquiring an additional 51 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Asbury Automotive Group by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 10,980 shares of the company’s stock valued at $2,588,000 after acquiring an additional 60 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Asbury Automotive Group by 0.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 24,680 shares of the company’s stock worth $5,819,000 after acquiring an additional 62 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its position in Asbury Automotive Group by 2.2% during the 2nd quarter. SummerHaven Investment Management LLC now owns 3,030 shares of the company’s stock worth $690,000 after acquiring 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.