Seaport Res Ptn Downgrades Asbury Automotive Group (NYSE:ABG) to Hold

Asbury Automotive Group (NYSE:ABG) was downgraded by stock analysts at Seaport Res Ptn from a “strong-buy” rating to a “hold” rating in a report released on Monday,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.

Several other research firms also recently weighed in on ABG. Craig Hallum boosted their target price on shares of Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. 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. StockNews.com raised Asbury Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Bank of America dropped their price target on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Morgan Stanley raised shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Asbury Automotive Group has a consensus rating of “Hold” and a consensus price target of $256.20.

Asbury Automotive Group Price Performance

Shares of NYSE ABG opened at $258.74 on Monday. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98. Asbury Automotive Group has a fifty-two week low of $195.09 and a fifty-two week high of $277.13. The business has a 50 day moving average price of $231.24 and a two-hundred day moving average price of $233.52. The firm has a market cap of $5.07 billion, a PE ratio of 14.64 and a beta of 1.16.

Asbury Automotive Group (NYSE:ABG) last released 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). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.30 billion. Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $8.12 EPS. Sell-side analysts expect that Asbury Automotive Group will post 25.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ABG. Harbor Capital Advisors Inc. purchased a new position in Asbury Automotive Group in the 3rd quarter worth about $31,000. Quarry LP acquired a new stake in shares of Asbury Automotive Group during the second quarter valued at approximately $38,000. GAMMA Investing LLC lifted its position in shares of Asbury Automotive Group by 100.0% in the 2nd quarter. GAMMA Investing LLC now owns 292 shares of the company’s stock valued at $67,000 after acquiring an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Asbury Automotive Group in the 2nd quarter worth approximately $155,000. Finally, Headlands Technologies LLC acquired a new position in Asbury Automotive Group in the 2nd quarter worth approximately $190,000.

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.