What is Seaport Res Ptn’s Forecast for ABG Q3 Earnings?

Asbury Automotive Group, Inc. (NYSE:ABG) – Seaport Res Ptn dropped their Q3 2024 EPS estimates for shares of Asbury Automotive Group in a report released on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will post earnings per share of $6.48 for the quarter, down from their previous forecast of $6.66. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $26.01 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s FY2024 earnings at $26.60 EPS.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $6.40 EPS for the quarter, missing the consensus estimate of $7.31 by ($0.91). Asbury Automotive Group had a return on equity of 17.93% and a net margin of 2.51%. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the business earned $8.95 earnings per share. Asbury Automotive Group’s revenue was up 17.3% compared to the same quarter last year.

ABG has been the topic of several other research reports. StockNews.com downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Morgan Stanley raised shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. Bank of America decreased their price objective on shares of Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Stephens began coverage on shares of Asbury Automotive Group in a report on Thursday, September 12th. They set an “equal weight” rating and a $216.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Asbury Automotive Group from $230.00 to $265.00 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $251.20.

Asbury Automotive Group Trading Down 1.8 %

NYSE ABG opened at $225.92 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.45 and a current ratio of 1.25. The firm has a market cap of $4.56 billion, a PE ratio of 8.23 and a beta of 1.16. Asbury Automotive Group has a one year low of $178.40 and a one year high of $277.13. The firm’s fifty day moving average is $230.03 and its two-hundred day moving average is $231.25.

Institutional Investors Weigh In On Asbury Automotive Group

A number of hedge funds and other institutional investors have recently made changes to their positions in ABG. Eminence Capital LP grew its position in shares of Asbury Automotive Group by 41.5% in the second quarter. Eminence Capital LP now owns 498,542 shares of the company’s stock valued at $113,603,000 after purchasing an additional 146,246 shares during the period. Dimensional Fund Advisors LP grew its position in shares of 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 purchasing an additional 69,975 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Asbury Automotive Group in the third quarter valued at $154,270,000. Khrom Capital Management LLC purchased a new stake in shares of Asbury Automotive Group in the second quarter valued at $14,572,000. Finally, GCM Grosvenor Holdings LLC grew its position in shares of Asbury Automotive Group by 250.8% in the second quarter. GCM Grosvenor Holdings LLC now owns 73,000 shares of the company’s stock valued at $16,635,000 after purchasing an additional 52,191 shares during the period.

Insiders Place Their Bets

In other Asbury Automotive Group news, major shareholder Impactive Capital Lp sold 8,353 shares of Asbury Automotive Group stock in a transaction dated 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 completion of the transaction, the insider now owns 2,008,649 shares in the company, valued at approximately $453,211,473.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Impactive Capital Lp sold 8,353 shares of the company’s 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 transaction, the insider now owns 2,008,649 shares of the company’s stock, valued at approximately $453,211,473.87. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David W. Hult sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $227.18, for a total transaction of $113,590.00. Following the transaction, the chief executive officer now directly owns 56,834 shares in the company, valued at $12,911,548.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

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.