Bank of America Begins Coverage on Asbury Automotive Group (NYSE:ABG)

Stock analysts at Bank of America started coverage on shares of Asbury Automotive Group (NYSE:ABG - Get Free Report) in a research report issued to clients and investors on Wednesday. The brokerage set a "buy" rating and a $325.00 price target on the stock. Bank of America's target price would indicate a potential upside of 43.52% from the company's previous close.

A number of other brokerages have also weighed in on ABG. JPMorgan Chase & Co. dropped their price objective on Asbury Automotive Group from $290.00 to $250.00 and set a "neutral" rating on the stock in a report on Thursday, March 27th. Craig Hallum cut shares of Asbury Automotive Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Citigroup assumed coverage on shares of Asbury Automotive Group in a research note on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 price objective for the company. Stephens upped their target price on shares of Asbury Automotive Group from $220.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, February 11th. Finally, Wall Street Zen upgraded shares of Asbury Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Asbury Automotive Group has an average rating of "Hold" and a consensus target price of $261.83.

Asbury Automotive Group Stock Down 0.9%

NYSE ABG traded down $2.15 during trading hours on Wednesday, hitting $226.46. 102,410 shares of the company were exchanged, compared to its average volume of 201,762. The company has a quick ratio of 0.41, a current ratio of 1.20 and a debt-to-equity ratio of 0.98. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 10.53 and a beta of 0.98. The company has a 50 day moving average of $224.59 and a two-hundred day moving average of $247.96. Asbury Automotive Group has a 52-week low of $201.68 and a 52-week high of $312.56.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $6.82 EPS for the quarter, missing the consensus estimate of $6.84 by ($0.02). Asbury Automotive Group had a net margin of 2.50% and a return on equity of 16.29%. The business had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same period last year, the company earned $7.21 EPS. The business's quarterly revenue was down 1.3% 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 year.

Hedge Funds Weigh In On Asbury Automotive Group

Several institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in Asbury Automotive Group in the 1st quarter valued at about $795,000. Intech Investment Management LLC boosted its stake in Asbury Automotive Group by 35.0% in the 1st quarter. Intech Investment Management LLC now owns 10,535 shares of the company's stock worth $2,327,000 after purchasing an additional 2,730 shares during the period. Bayforest Capital Ltd grew its holdings in shares of Asbury Automotive Group by 7.7% during the first quarter. Bayforest Capital Ltd now owns 1,155 shares of the company's stock valued at $255,000 after buying an additional 83 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 valued at $11,316,000 after acquiring an additional 1,676 shares in the last quarter. Finally, Empowered Funds LLC increased 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 valued at $1,687,000 after buying an additional 783 shares during the period.

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.