JPMorgan Chase & Co. Issues Pessimistic Forecast for Asbury Automotive Group (NYSE:ABG) Stock Price

Asbury Automotive Group (NYSE:ABG) had its target price cut by equities researchers at JPMorgan Chase & Co. from $260.00 to $255.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 4.20% from the stock’s current price.

Several other analysts have also recently commented on ABG. Craig Hallum boosted their price target on shares of Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Morgan Stanley upgraded Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $190.00 to $240.00 in a research report on Wednesday, September 25th. Bank of America cut their price target on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a report on Monday, October 14th. Seaport Res Ptn cut Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, StockNews.com raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Six equities research 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.com, the company has an average rating of “Hold” and a consensus target price of $255.20.

Asbury Automotive Group Price Performance

ABG opened at $244.72 on Friday. The stock’s 50 day moving average price is $251.88 and its 200-day moving average price is $240.75. The stock has a market capitalization of $4.79 billion, a PE ratio of 13.85 and a beta of 1.19. Asbury Automotive Group has a 52-week low of $195.09 and a 52-week high of $277.13. 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 released its 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 firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter last year, the firm posted $8.12 EPS. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities research analysts predict that Asbury Automotive Group will post 25.17 EPS for the current year.

Institutional Investors Weigh In On Asbury Automotive Group

Several hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Asbury Automotive Group in the 3rd quarter worth approximately $31,000. Quarry LP bought a new position in Asbury Automotive Group in the second quarter worth approximately $38,000. GAMMA Investing LLC lifted its holdings in Asbury Automotive Group by 34.6% during the third quarter. GAMMA Investing LLC now owns 393 shares of the company’s stock worth $94,000 after buying an additional 101 shares during the period. Nisa Investment Advisors LLC boosted its position in Asbury Automotive Group by 17.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 839 shares of the company’s stock valued at $204,000 after acquiring an additional 123 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in shares of Asbury Automotive Group in the 2nd quarter valued at $212,000.

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.