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

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 objective lifted by research analysts at Morgan Stanley from $225.00 to $230.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price target points to a potential downside of 5.91% from the company's previous close.

ABG has been the subject of several other reports. Cfra set a $225.00 price target on shares of Asbury Automotive Group in a report on Tuesday, July 29th. JPMorgan Chase & Co. cut their price objective on shares of Asbury Automotive Group from $225.00 to $215.00 and set an "underweight" rating on the stock in a research report on Tuesday, August 5th. Bank of America raised their price objective on shares of Asbury Automotive Group from $325.00 to $335.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Citigroup initiated coverage on shares of Asbury Automotive Group in a research report on Wednesday, April 23rd. They set a "neutral" rating and a $236.00 price objective on the stock. Finally, Stephens raised shares of Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $225.00 to $277.00 in a research report on Wednesday, August 13th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. 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 NYSE:ABG traded up $4.0070 during trading hours on Thursday, hitting $244.4470. 145,241 shares of the company's stock traded hands, compared to its average volume of 232,761. Asbury Automotive Group has a 52 week low of $201.68 and a 52 week high of $312.56. The company's fifty day simple moving average is $239.60 and its two-hundred day simple moving average is $241.46. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 1.59 and a beta of 0.87. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.49 and a current ratio of 1.30.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $7.43 EPS for the quarter, topping the consensus estimate of $6.82 by $0.61. Asbury Automotive Group had a net margin of 3.13% and a return on equity of 15.41%. The company had revenue of $4.37 billion during the quarter, compared to analysts' expectations of $4.44 billion. During the same period last year, the company posted $6.40 earnings per share. The business's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities analysts anticipate that Asbury Automotive Group will post 26.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Asbury Automotive Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Asbury Automotive Group by 43.9% during the 1st quarter. Versant Capital Management Inc now owns 164 shares of the company's stock worth $36,000 after purchasing an additional 50 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Asbury Automotive Group during the 1st quarter worth approximately $49,000. Northwestern Mutual Wealth Management Co. boosted its position in Asbury Automotive Group by 64.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 206 shares of the company's stock worth $49,000 after acquiring an additional 81 shares during the last quarter. eCIO Inc. acquired a new stake in shares of Asbury Automotive Group in the 1st quarter valued at approximately $56,000. Finally, EverSource Wealth Advisors LLC raised its stake in Asbury Automotive Group by 104.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 337 shares of the company's stock valued at $80,000 after acquiring an additional 172 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.