Asbury Automotive Group (NYSE:ABG) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Asbury Automotive Group's share price surpassed its 200-day moving average of $236.17, reaching a high of $246.31 before closing at $244.03.
• Analysts have mixed ratings on ABG, with three giving it a buy rating, four a hold rating, and one a sell rating, while the average price target is $249.00.
• The company recently reported quarterly earnings of $7.43 per share, exceeding analysts' expectations, and noted a 3.0% increase in revenue compared to the previous year.

Asbury Automotive Group, Inc. (NYSE:ABG - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $236.17 and traded as high as $246.31. Asbury Automotive Group shares last traded at $244.03, with a volume of 141,365 shares changing hands.

Analyst Ratings Changes

ABG has been the topic of a number of recent analyst reports. Citigroup reissued a "neutral" rating on shares of Asbury Automotive Group in a research report on Thursday, September 25th. Bank of America dropped their price target on shares of Asbury Automotive Group from $335.00 to $300.00 and set a "buy" rating on the stock in a research report on Wednesday, September 10th. Weiss Ratings reissued a "buy (b)" rating on shares of Asbury Automotive Group in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target 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. Finally, Morgan Stanley raised their price target on shares of Asbury Automotive Group from $225.00 to $230.00 and gave the company an "equal weight" rating in a research report on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $249.00.

Asbury Automotive Group Price Performance

The business's fifty day moving average is $243.85 and its 200-day moving average is $236.17. 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 firm has a market cap of $4.80 billion, a PE ratio of 8.91, a P/E/G ratio of 1.58 and a beta of 0.85.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $7.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter last year, the company posted $6.40 earnings per share. The firm's quarterly revenue was up 3.0% compared to the same quarter last year. On average, research analysts predict that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current fiscal year.

Insider Activity at Asbury Automotive Group

In other news, SVP Dean Calloway sold 400 shares of Asbury Automotive Group stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $254.40, for a total value of $101,760.00. Following the completion of the transaction, the senior vice president owned 5,295 shares in the company, valued at $1,347,048. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maureen F. Morrison sold 800 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $255.61, for a total transaction of $204,488.00. Following the completion of the sale, the director directly owned 5,824 shares in the company, valued at approximately $1,488,672.64. This trade represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,957 shares of company stock worth $745,501. 0.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Asbury Automotive Group

Several hedge funds and other institutional investors have recently modified their holdings of ABG. Osaic Holdings Inc. raised its position in shares of Asbury Automotive Group by 69.2% in the second quarter. Osaic Holdings Inc. now owns 132 shares of the company's stock valued at $31,000 after purchasing an additional 54 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Asbury Automotive Group in the first quarter valued at approximately $49,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Asbury Automotive Group by 64.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 206 shares of the company's stock valued at $49,000 after purchasing an additional 81 shares during the period. eCIO Inc. bought a new stake in shares of Asbury Automotive Group in the first quarter valued at approximately $56,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Asbury Automotive Group by 104.2% in the second quarter. EverSource Wealth Advisors LLC now owns 337 shares of the company's stock valued at $80,000 after purchasing an additional 172 shares during the period.

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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