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

Seaport Res Ptn downgraded shares of Asbury Automotive Group (NYSE:ABG) from a strong-buy rating to a hold rating in a research note published 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.

ABG has been the topic of a number of other research reports. Morgan Stanley upgraded shares of 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. Bank of America decreased their price target 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. StockNews.com upgraded shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. decreased their price target on shares of Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Finally, Stephens started coverage on shares of Asbury Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 price target on the stock. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Asbury Automotive Group currently has an average rating of “Hold” and an average target price of $256.20.

Asbury Automotive Group Stock Up 2.4 %

Shares of NYSE ABG opened at $264.89 on Monday. Asbury Automotive Group has a 1 year low of $195.09 and a 1 year high of $277.13. The firm’s 50 day moving average price is $231.86 and its 200 day moving average price is $233.74. The firm has a market cap of $5.19 billion, a P/E ratio of 14.99 and a beta of 1.16. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 1.20.

Asbury Automotive Group (NYSE:ABG) last announced its earnings results on Tuesday, October 29th. The company reported $6.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.58 by ($0.23). Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same quarter last year, the business posted $8.12 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Asbury Automotive Group will post 25.37 earnings per share for the current year.

Hedge Funds Weigh In On Asbury Automotive Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in Asbury Automotive Group by 7.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,056,825 shares of the company’s stock worth $240,818,000 after buying an additional 69,975 shares during the period. Eminence Capital LP increased its stake in Asbury Automotive Group by 41.5% during the 2nd 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. Bank of New York Mellon Corp increased its stake in Asbury Automotive Group by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 197,765 shares of the company’s stock worth $45,065,000 after buying an additional 7,754 shares during the period. Assenagon Asset Management S.A. increased its stake 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 buying an additional 148,910 shares during the period. Finally, Natixis Advisors LLC purchased a new stake in Asbury Automotive Group during the 3rd quarter worth $26,573,000.

Asbury Automotive Group Company Profile

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.