Asbury Automotive Group (NYSE:ABG) Price Target Lowered to $220.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase cut its price target on Asbury Automotive Group from $235 to $220 and maintained an underweight rating; the new target implies roughly a 10% upside from the prior close.
• In the latest quarter ABG reported EPS of $5.37 and revenue of $4.11 billion, missing estimates of $5.62 and $4.37 billion and showing a year‑over‑year decline in earnings.
• Analyst consensus is an average Hold (2 Buys, 5 Holds, 1 Sell) with an average target of $238, while the stock trades near $200 with a market cap of $3.72 billion and a P/E of 7.08.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its target price lowered by JPMorgan Chase & Co. from $235.00 to $220.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 10.02% from the company's previous close.

ABG has been the subject of a number of other reports. Morgan Stanley set a $220.00 price target on shares of Asbury Automotive Group in a research report on Thursday. Bank of America assumed coverage on shares of Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a "buy" rating for the company. Stephens reduced their price target on shares of Asbury Automotive Group from $277.00 to $254.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Barclays increased their price target on shares of 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, Weiss Ratings lowered shares of Asbury Automotive Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Asbury Automotive Group has an average rating of "Hold" and an average target price of $238.00.

Asbury Automotive Group Trading Up 1.1%

Shares of ABG traded up $2.27 during midday trading on Thursday, hitting $199.97. The stock had a trading volume of 133,894 shares, compared to its average volume of 240,605. Asbury Automotive Group has a fifty-two week low of $184.61 and a fifty-two week high of $274.50. The business has a 50-day simple moving average of $201.11 and a two-hundred day simple moving average of $223.47. The firm has a market cap of $3.72 billion, a P/E ratio of 7.08, a price-to-earnings-growth ratio of 1.07 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.35 and a debt-to-equity ratio of 0.78.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $5.37 EPS for the quarter, missing the consensus estimate of $5.62 by ($0.25). Asbury Automotive Group had a return on equity of 13.39% and a net margin of 3.05%.The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same quarter in the previous year, the business earned $6.82 earnings per share. The business's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities analysts forecast that Asbury Automotive Group will post 26.23 EPS for the current year.

Insider Buying and Selling

In other news, Director B. Christopher Disantis acquired 500 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average price of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the acquisition, the director owned 5,400 shares of the company's stock, valued at approximately $1,092,420. This represents a 10.20% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.75% of the company's stock.

Hedge Funds Weigh In On Asbury Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABG. Los Angeles Capital Management LLC acquired a new stake in shares of Asbury Automotive Group in the fourth quarter worth $25,000. Torren Management LLC bought a new position in Asbury Automotive Group in the 4th quarter worth $27,000. Quarry LP raised its holdings in Asbury Automotive Group by 319.2% in the 3rd quarter. Quarry LP now owns 109 shares of the company's stock worth $27,000 after acquiring an additional 83 shares during the period. Bogart Wealth LLC lifted its position in Asbury Automotive Group by 52.4% during the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company's stock worth $30,000 after acquiring an additional 44 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its position in Asbury Automotive Group by 69.2% during the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock worth $31,000 after acquiring an additional 54 shares during the last quarter.

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.

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