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

Key Points

• Asbury Automotive Group's price target was lowered by JPMorgan Chase & Co. from $225.00 to $215.00, indicating a potential downside of 4.18% from the company's current price.
• The company reported earnings of $7.43 per share, exceeding analysts' expectations, and a revenue of $4.37 billion for the last quarter, though slightly below estimates.
• Overall, analysts have mixed ratings on Asbury Automotive Group, with one sell rating, five holds, and two buy ratings, resulting in a consensus rating of "Hold" and an average price target of $253.00.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its target price decreased by research analysts at JPMorgan Chase & Co. from $225.00 to $215.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential downside of 3.10% from the stock's current price.

Other equities research analysts also recently issued reports about the company. Citigroup initiated coverage on Asbury Automotive Group in a research report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 target price for the company. Wall Street Zen upgraded Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Bank of America upped 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, Cfra set a $225.00 target price on Asbury Automotive Group in a research report on Tuesday, July 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $253.00.

Asbury Automotive Group Stock Performance

Shares of NYSE:ABG traded down $2.12 during trading on Tuesday, hitting $221.87. 142,035 shares of the company traded hands, compared to its average volume of 229,704. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 8.10, a PEG ratio of 1.49 and a beta of 0.87. The business's fifty day moving average is $238.95 and its 200-day moving average is $243.45. Asbury Automotive Group has a one year low of $201.68 and a one year high of $312.56. The company has a quick ratio of 0.49, a current ratio of 1.30 and a debt-to-equity ratio of 0.78.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $7.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.82 by $0.61. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 3.13%. The business had revenue of $4.37 billion during the quarter, compared to analyst estimates of $4.44 billion. During the same period in the prior year, the company posted $6.40 EPS. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities analysts predict that Asbury Automotive Group will post 26.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Asbury Automotive Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Asbury Automotive Group in the first quarter worth $262,000. New York State Teachers Retirement System lifted its stake in shares of Asbury Automotive Group by 13.7% in the first quarter. New York State Teachers Retirement System now owns 14,846 shares of the company's stock valued at $3,279,000 after buying an additional 1,787 shares during the period. GAMMA Investing LLC lifted its stake in Asbury Automotive Group by 39.2% during the first quarter. GAMMA Investing LLC now owns 586 shares of the company's stock worth $129,000 after purchasing an additional 165 shares during the period. TD Asset Management Inc bought a new position in Asbury Automotive Group during the first quarter worth about $6,037,000. Finally, SG Americas Securities LLC bought a new position in Asbury Automotive Group in the 1st quarter worth approximately $1,111,000.

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.