Asbury Automotive Group (NYSE:ABG) Given New $235.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its price target on Asbury Automotive Group to $235 from $240 and kept an underweight rating, a target that implies about a 9.7% upside from the stock's previous close.
• ABG shares traded up 5% to $214.26 after the quarter, which showed a slight EPS miss ($6.67 vs. $6.70) and revenue below estimates ($4.68B vs. $4.93B); analysts' consensus is a Hold with an average price target of $241.57.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $240.00 to $235.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 9.68% from the stock's previous close.

Several other brokerages also recently issued reports on ABG. Weiss Ratings downgraded Asbury Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, February 23rd. Bank of America started coverage on Asbury Automotive Group in a report on Wednesday, March 4th. They issued a "buy" rating for the company. Stephens lowered their price target on Asbury Automotive Group from $277.00 to $254.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. Barclays upped their price objective on Asbury Automotive Group from $230.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 7th. Finally, Citigroup reduced their price objective on Asbury Automotive Group from $260.00 to $212.00 and set a "neutral" rating for the company in a research report on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Asbury Automotive Group currently has an average rating of "Hold" and an average price target of $241.57.

Asbury Automotive Group Trading Up 5.0%

NYSE:ABG traded up $10.17 on Friday, reaching $214.26. The company's stock had a trading volume of 74,237 shares, compared to its average volume of 210,938. Asbury Automotive Group has a 1-year low of $184.61 and a 1-year high of $274.50. The business's 50-day moving average price is $206.95 and its two-hundred day moving average price is $227.30. The firm has a market cap of $4.13 billion, a PE ratio of 8.54, a PEG ratio of 1.01 and a beta of 0.80. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.35 and a current ratio of 0.95.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.70 by ($0.03). Asbury Automotive Group had a return on equity of 14.51% and a net margin of 2.73%.The business had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter last year, the company earned $7.26 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Asbury Automotive Group will post 26.28 earnings per share for the current fiscal year.

Insider Transactions at Asbury Automotive Group

In related news, Director B. Christopher Disantis purchased 500 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was purchased at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the purchase, the director directly owned 5,400 shares in the company, valued at $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.75% of the company's stock.

Institutional Investors Weigh In On Asbury Automotive Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its holdings in Asbury Automotive Group by 11.0% in the 1st quarter. AQR Capital Management LLC now owns 6,263 shares of the company's stock worth $1,383,000 after purchasing an additional 619 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Asbury Automotive Group by 49.1% in the first quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company's stock valued at $61,561,000 after purchasing an additional 91,767 shares during the period. United Services Automobile Association bought a new position in Asbury Automotive Group during the 1st quarter worth $265,000. Empowered Funds LLC lifted its holdings in Asbury Automotive Group by 11.4% during the 1st quarter. Empowered Funds LLC now owns 7,639 shares of the company's stock worth $1,687,000 after buying an additional 783 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Asbury Automotive Group by 3.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 51,239 shares of the company's stock worth $11,316,000 after buying an additional 1,676 shares during the period.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc NYSE: ABG is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.

In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.