Asbury Automotive Group (NYSE:ABG) Shares Gap Up Following Better-Than-Expected Earnings

Asbury Automotive Group, Inc. (NYSE:ABG)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $274.31, but opened at $300.02. Asbury Automotive Group shares last traded at $301.85, with a volume of 14,752 shares changing hands.

The company reported $6.35 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 during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter last year, the business posted $8.12 earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America lowered 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 lowered shares of Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum raised 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 report on Wednesday, October 30th. StockNews.com raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lowered their price objective on Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Asbury Automotive Group has an average rating of “Hold” and an average target price of $255.20.

Institutional Trading of Asbury Automotive Group

A number of institutional investors have recently made changes to their positions in the stock. Vista Finance LLC acquired a new position in shares of Asbury Automotive Group during the fourth quarter valued at approximately $223,000. Nations Financial Group Inc. IA ADV increased its position in shares of Asbury Automotive Group by 2.3% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,023 shares of the company’s stock valued at $978,000 after purchasing an additional 92 shares during the period. Stephens Inc. AR acquired a new position in shares of Asbury Automotive Group during the 4th quarter valued at $213,000. Entropy Technologies LP bought a new stake in shares of Asbury Automotive Group in the 4th quarter worth $219,000. Finally, Empowered Funds LLC lifted its holdings in shares of Asbury Automotive Group by 27.4% in the fourth quarter. Empowered Funds LLC now owns 6,856 shares of the company’s stock valued at $1,666,000 after buying an additional 1,476 shares during the period.

Asbury Automotive Group Price Performance

The company has a 50 day moving average of $253.45 and a two-hundred day moving average of $242.95. The firm has a market cap of $5.97 billion, a P/E ratio of 17.24 and a beta of 1.19. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98.

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.