Asbury Automotive Group (NYSE:ABG) Given New $215.00 Price Target at JPMorgan Chase & Co.

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 price objective lowered by JPMorgan Chase & Co. from $225.00 to $215.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 6.31% from the company's current price.

Other equities analysts also recently issued reports about the stock. Cfra set a $225.00 price target on shares of Asbury Automotive Group in a research note on Tuesday, July 29th. Wall Street Zen raised Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Citigroup assumed coverage on Asbury Automotive Group in a report on Wednesday, April 23rd. They set a "neutral" rating and a $236.00 price target for the company. Finally, Bank of America boosted their price target on Asbury Automotive Group from $325.00 to $335.00 and gave the company a "buy" rating in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $253.00.

Asbury Automotive Group Stock Up 0.1%

Asbury Automotive Group stock traded up $0.31 during mid-day trading on Tuesday, hitting $229.47. The company's stock had a trading volume of 193,641 shares, compared to its average volume of 233,483. Asbury Automotive Group has a 52-week low of $201.68 and a 52-week high of $312.56. The company has a market cap of $4.51 billion, a PE ratio of 8.38, a price-to-earnings-growth ratio of 1.54 and a beta of 0.87. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.30 and a quick ratio of 0.49. The firm's 50 day moving average is $239.12 and its 200 day moving average is $243.84.

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

Hedge Funds Weigh In On Asbury Automotive Group

A number of hedge funds and other institutional investors have recently made changes to their positions in ABG. LPL Financial LLC lifted its holdings in shares of Asbury Automotive Group by 12.4% during the fourth quarter. LPL Financial LLC now owns 4,638 shares of the company's stock valued at $1,127,000 after acquiring an additional 512 shares during the period. Pictet Asset Management Holding SA lifted its holdings in Asbury Automotive Group by 20.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,092 shares of the company's stock valued at $751,000 after purchasing an additional 524 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Asbury Automotive Group by 9.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 484 shares of the company's stock valued at $117,000 after buying an additional 41 shares in the last quarter. Wells Fargo & Company MN boosted its position in Asbury Automotive Group by 7.0% in the fourth quarter. Wells Fargo & Company MN now owns 49,251 shares of the company's stock valued at $11,969,000 after buying an additional 3,224 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Asbury Automotive Group by 1.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 12,279 shares of the company's stock worth $2,984,000 after buying an additional 173 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.