Asbury Automotive Group (NYSE:ABG) Announces Earnings Results

Key Points

• Asbury Automotive Group reported an earnings per share (EPS) of $7.43 for the quarter, exceeding analyst estimates of $6.75 by $0.68, with a year-over-year revenue increase of 3.0%.
• The company’s stock price fell by $5.41 during trading, closing at $223.79, and it currently has a market capitalization of $4.40 billion.
• Recent analyst ratings show mixed opinions, with JPMorgan downgrading the stock to "underweight" while Bank of America raised their price target and maintained a "buy" rating.

Asbury Automotive Group (NYSE:ABG - Get Free Report) released its earnings results on Tuesday. The company reported $7.43 EPS for the quarter, beating the consensus estimate of $6.82 by $0.61, Briefing.com reports. The firm had revenue of $4.37 billion for 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 15.72%. Asbury Automotive Group's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company earned $6.40 EPS.

Asbury Automotive Group Trading Up 0.8%

Shares of Asbury Automotive Group stock traded up $1.86 during trading on Wednesday, hitting $222.19. The stock had a trading volume of 421,214 shares, compared to its average volume of 189,434. Asbury Automotive Group has a 1 year low of $201.68 and a 1 year high of $312.56. The stock has a 50 day simple moving average of $239.30 and a 200 day simple moving average of $244.69. The company has a quick ratio of 0.55, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $4.37 billion, a PE ratio of 8.12, a P/E/G ratio of 1.49 and a beta of 0.96.

Analyst Ratings Changes

ABG has been the subject of several research analyst reports. Citigroup started coverage on Asbury Automotive Group in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 price objective for the company. Wall Street Zen raised shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, May 12th. JPMorgan Chase & Co. lowered shares of Asbury Automotive Group from a "neutral" rating to an "underweight" rating and reduced their price objective for the company from $235.00 to $225.00 in a research report on Thursday, July 17th. Finally, Bank of America boosted their target price on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a report on Monday, June 16th. One equities 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.com, the stock has an average rating of "Hold" and an average price target of $259.33.

Institutional Investors Weigh In On Asbury Automotive Group

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

About Asbury Automotive Group

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.