Asbury Automotive Group (NYSE:ABG) Price Target Raised to $230.00 at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Asbury Automotive Group from $225.00 to $230.00, maintaining an "equal weight" rating, which suggests a potential downside of 4.96% from its current price.
• Asbury Automotive's shares recently traded at $242.01, with a market capitalization of $4.76 billion and a twelve-month price high of $312.56.
• The company reported a Q2 EPS of $7.43, exceeding analysts' estimates of $6.82, while its revenue reached $4.37 billion, slightly below expectations.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its price target boosted by stock analysts at Morgan Stanley from $225.00 to $230.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential downside of 4.96% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Bank of America increased their price objective on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. cut their price target on shares of Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating for the company in a report on Tuesday, August 5th. Citigroup initiated coverage on Asbury Automotive Group in a research note on Wednesday, April 23rd. They issued a "neutral" rating and a $236.00 target price on the stock. Stephens upgraded Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $225.00 to $277.00 in a report on Wednesday. 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Asbury Automotive Group has a consensus rating of "Hold" and an average target price of $254.00.

Asbury Automotive Group Price Performance

Shares of ABG traded down $1.17 during mid-day trading on Thursday, reaching $242.01. The company had a trading volume of 70,567 shares, compared to its average volume of 204,199. The company has a market capitalization of $4.76 billion, a P/E ratio of 8.83, a P/E/G ratio of 1.56 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 company's 50-day moving average is $239.11 and its 200-day moving average is $242.92. Asbury Automotive Group has a twelve month low of $201.68 and a twelve month high of $312.56.

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 analysts' consensus estimates 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 return on equity of 15.41% and a net margin of 3.13%. Asbury Automotive Group's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company posted $6.40 earnings per share. On average, equities analysts anticipate that Asbury Automotive Group will post 26.28 EPS for the current year.

Hedge Funds Weigh In On Asbury Automotive Group

Large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Asbury Automotive Group during the second quarter valued at approximately $77,544,000. GAMMA Investing LLC lifted its stake in shares of Asbury Automotive Group by 30,639.2% in the first quarter. GAMMA Investing LLC now owns 129,412 shares of the company's stock worth $285,790,000 after buying an additional 128,991 shares in the last quarter. River Road Asset Management LLC lifted its stake in shares of Asbury Automotive Group by 122.0% in the second quarter. River Road Asset Management LLC now owns 199,952 shares of the company's stock worth $44,413,000 after buying an additional 109,896 shares in the last quarter. Eminence Capital LP increased its position in Asbury Automotive Group by 15.8% during the fourth quarter. Eminence Capital LP now owns 787,775 shares of the company's stock worth $191,453,000 after purchasing an additional 107,317 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Asbury Automotive Group by 49.1% during the first quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company's stock valued at $61,561,000 after acquiring an additional 91,767 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.

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