Asbury Automotive Group (NYSE:ABG) Given New $200.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on Asbury Automotive Group from $184 to $200 but maintained an “equal weight” rating; the new target implied 3.93% downside from the prior close.
• Analysts’ overall view is “Hold,” with a consensus price target of $222.88; three analysts rate the stock Buy, five Hold, and two Sell.
• Asbury’s latest quarter missed expectations, reporting EPS of $6.16 versus $6.42 estimated and revenue of $4.41 billion versus $4.51 billion; revenue fell 8.1% year over year.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its price target upped by stock analysts at Morgan Stanley from $184.00 to $200.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price suggests a potential downside of 3.93% from the company's previous close.

ABG has been the topic of a number of other reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Asbury Automotive Group in a research note on Thursday, October 22nd. Seaport Research Partners raised Asbury Automotive Group from a "neutral" rating to a "buy" rating and set a $300.00 price objective for the company in a research note on Tuesday, September 8th. Bank of America reissued a "buy" rating and set a $232.00 price objective on shares of Asbury Automotive Group in a research note on Wednesday, October 28th. Craig Hallum upgraded shares of Asbury Automotive Group from a "hold" rating to a "buy" rating and set a $250.00 target price on the stock in a report on Tuesday, October 27th. Finally, Barclays decreased their target price on shares of Asbury Automotive Group from $230.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 29th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $222.88.

Asbury Automotive Group Trading Up 2.7%

NYSE ABG traded up $5.53 during trading on Monday, hitting $208.18. 58,760 shares of the company's stock traded hands, compared to its average volume of 258,621. The stock has a fifty day moving average of $188.22 and a two-hundred day moving average of $203.37. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.91 and a quick ratio of 0.29. Asbury Automotive Group has a 12-month low of $160.30 and a 12-month high of $258.74. The firm has a market cap of $3.74 billion, a P/E ratio of 8.30, a PEG ratio of 1.45 and a beta of 0.78.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The company reported $6.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.42 by ($0.26). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.51 billion. Asbury Automotive Group had a net margin of 2.66% and a return on equity of 11.85%. The firm's quarterly revenue was down 8.1% compared to the same quarter last year. During the same period last year, the business posted $7.17 earnings per share. As a group, sell-side analysts expect that Asbury Automotive Group will post 24.92 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ABG. Russell Investments Group Ltd. raised its holdings in Asbury Automotive Group by 82.5% in the third quarter. Russell Investments Group Ltd. now owns 31,466 shares of the company's stock worth $5,423,000 after purchasing an additional 14,223 shares in the last quarter. Maryland State Retirement & Pension System boosted its holdings in shares of Asbury Automotive Group by 47.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 3,982 shares of the company's stock valued at $686,000 after buying an additional 1,274 shares in the last quarter. Jefferies Financial Group Inc. boosted its holdings in shares of Asbury Automotive Group by 91.5% during the 3rd quarter. Jefferies Financial Group Inc. now owns 11,722 shares of the company's stock valued at $2,020,000 after buying an additional 5,600 shares in the last quarter. Fulcrum Asset Management LLP grew its position in shares of Asbury Automotive Group by 1,143.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 4,798 shares of the company's stock worth $835,000 after buying an additional 4,412 shares during the period. Finally, Ethic Inc. purchased a new stake in shares of Asbury Automotive Group in the 3rd quarter worth about $258,000.

Asbury Automotive Group Company Profile

Asbury Automotive Group is a U.S. automotive retailer that operates franchised new- and used-vehicle dealerships. Its dealerships sell vehicles from a range of manufacturers and offer related services, including vehicle financing and insurance products, maintenance and repairs, parts sales, and collision repair.

The company also operates Clicklane, a digital platform that lets customers research, purchase, finance, and arrange delivery of vehicles online. Asbury was founded in 1995 and has expanded through acquisitions, including its 2021 purchase of Larry H.

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