Asbury Automotive Group (NYSE:ABG) Downgraded to Hold Rating by Seaport Res Ptn

Seaport Res Ptn cut shares of Asbury Automotive Group (NYSE:ABG) from a strong-buy rating to a hold rating in a research note released on Monday morning,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.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America dropped their target price on shares of Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Craig Hallum boosted 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. JPMorgan Chase & Co. dropped their price target on Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating for the company in a report on Tuesday, November 5th. Morgan Stanley raised Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $240.00 in a report on Wednesday, September 25th. Finally, StockNews.com upgraded shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Asbury Automotive Group has a consensus rating of “Hold” and an average price target of $256.20.

Asbury Automotive Group Trading Down 2.6 %

ABG stock opened at $258.74 on Monday. Asbury Automotive Group has a 1-year low of $195.09 and a 1-year high of $277.13. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98. The business’s 50 day moving average is $231.24 and its 200-day moving average is $233.52. The firm has a market cap of $5.07 billion, a P/E 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 for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the company earned $8.12 earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Equities analysts anticipate that Asbury Automotive Group will post 25.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Asbury Automotive Group

Hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in Asbury Automotive Group by 366.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 189,586 shares of the company’s stock worth $45,233,000 after purchasing an additional 148,910 shares during the last quarter. Eminence Capital LP raised its stake in shares of Asbury Automotive Group by 41.5% during the second quarter. Eminence Capital LP now owns 498,542 shares of the company’s stock worth $113,603,000 after buying an additional 146,246 shares during the last quarter. Natixis Advisors LLC bought a new stake in shares of Asbury Automotive Group during the third quarter worth approximately $26,573,000. Dimensional Fund Advisors LP lifted its holdings in Asbury Automotive Group by 7.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,056,825 shares of the company’s stock valued at $240,818,000 after buying an additional 69,975 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Asbury Automotive Group during the 3rd quarter worth $154,270,000.

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.