What is Seaport Res Ptn’s Estimate for ABG FY2024 Earnings?

Asbury Automotive Group, Inc. (NYSE:ABG) – Stock analysts at Seaport Res Ptn dropped their FY2024 earnings per share (EPS) estimates for Asbury Automotive Group in a research report issued to clients and investors on Thursday, January 16th. Seaport Res Ptn analyst G. Chin now forecasts that the company will earn $25.97 per share for the year, down from their prior forecast of $26.14. Seaport Res Ptn currently has a “Hold” rating on the stock. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $25.17 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s Q4 2024 earnings at $6.01 EPS.

Asbury Automotive Group (NYSE:ABG) last announced its earnings results on Tuesday, October 29th. The company reported $6.35 EPS 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 business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the firm posted $8.12 EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis.

A number of other brokerages have also recently commented on ABG. Morgan Stanley raised Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. StockNews.com raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. decreased their price target on Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday. Bank of America cut their target price on 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. Finally, Craig Hallum upped their price target on Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.20.

Asbury Automotive Group Price Performance

ABG opened at $244.72 on Monday. The company’s 50-day simple moving average is $251.88 and its two-hundred day simple moving average is $240.86. Asbury Automotive Group has a 52-week low of $195.09 and a 52-week high of $277.13. The stock has a market capitalization of $4.79 billion, a P/E ratio of 13.85 and a beta of 1.19. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 1.20.

Institutional Trading of Asbury Automotive Group

A number of hedge funds have recently added to or reduced their stakes in ABG. Assenagon Asset Management S.A. boosted its position in Asbury Automotive Group by 366.1% during the third quarter. Assenagon Asset Management S.A. now owns 189,586 shares of the company’s stock valued at $45,233,000 after purchasing an additional 148,910 shares in the last quarter. Eminence Capital LP lifted 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 period. Natixis Advisors LLC purchased a new position in Asbury Automotive Group in the 3rd quarter worth $26,573,000. International Assets Investment Management LLC acquired a new stake in shares of Asbury Automotive Group during the third quarter worth about $154,270,000. Finally, Khrom Capital Management LLC purchased a new stake in Asbury Automotive Group in the second quarter valued at approximately $14,572,000.

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.