Asbury Automotive Group (NYSE:ABG) Lowered to "Underweight" Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Asbury Automotive Group (NYSE:ABG - Free Report) from a neutral rating to an underweight rating in a research note published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $225.00 target price on the stock, down from their prior target price of $235.00.

Several other research firms also recently weighed in on ABG. Wall Street Zen upgraded Asbury Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Bank of America boosted their target price on Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Finally, Citigroup assumed coverage on shares of Asbury Automotive Group in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $259.33.

Asbury Automotive Group Stock Performance

NYSE:ABG traded up $0.15 during trading hours on Thursday, reaching $229.67. The stock had a trading volume of 175,240 shares, compared to its average volume of 197,305. The stock has a 50 day simple moving average of $239.74 and a 200 day simple moving average of $245.08. Asbury Automotive Group has a 12-month low of $201.68 and a 12-month high of $312.56. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.55 and a current ratio of 1.25. The stock has a market cap of $4.52 billion, a P/E ratio of 10.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.96.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $6.82 EPS for the quarter, missing analysts' consensus estimates of $6.84 by ($0.02). The company had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $4.31 billion. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 2.42%. Asbury Automotive Group's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $7.21 EPS. On average, research analysts forecast that Asbury Automotive Group will post 26.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Asbury Automotive Group

A number of institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Asbury Automotive Group by 10.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,760 shares of the company's stock worth $1,157,000 after buying an additional 456 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Asbury Automotive Group by 4.5% during the fourth quarter. HighTower Advisors LLC now owns 1,798 shares of the company's stock worth $437,000 after buying an additional 78 shares during the period. Cibc World Markets Corp purchased a new stake in Asbury Automotive Group during the 4th quarter worth approximately $447,000. Intech Investment Management LLC grew its position in shares of Asbury Automotive Group by 52.3% during the fourth quarter. Intech Investment Management LLC now owns 7,805 shares of the company's stock worth $1,897,000 after buying an additional 2,680 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in Asbury Automotive Group by 53.0% during the 4th quarter. Xponance Inc. now owns 2,039 shares of the company's stock worth $496,000 after buying an additional 706 shares during the last quarter.

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.