JPMorgan Chase & Co. Raises Asbury Automotive Group (NYSE:ABG) Price Target to $230.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Asbury Automotive Group from $220.00 to $230.00, while maintaining an "underweight" rating on the stock.
• Other research firms have varying opinions; Stephens upgraded the rating from "equal weight" to "overweight" with a target price of $277.00, while Bank of America lowered its target from $335.00 to $300.00.
• Asbury Automotive Group reported $7.43 earnings per share for the last quarter, exceeding expectations, but their revenue slightly missed analyst estimates at $4.37 billion.

Asbury Automotive Group (NYSE:ABG - Get Free Report) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $220.00 to $230.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential downside of 3.73% from the stock's current price.

Several other research firms also recently commented on ABG. Stephens raised Asbury Automotive Group from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $225.00 to $277.00 in a report on Wednesday, August 13th. Bank of America dropped their target price on Asbury Automotive Group from $335.00 to $300.00 and set a "buy" rating on the stock in a report on Wednesday, September 10th. Citigroup reissued a "neutral" rating on shares of Asbury Automotive Group in a report on Thursday, September 25th. Morgan Stanley boosted their target price on Asbury Automotive Group from $225.00 to $230.00 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Asbury Automotive Group in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $251.14.

Asbury Automotive Group Trading Up 1.6%

NYSE ABG opened at $238.92 on Tuesday. The company has a quick ratio of 0.49, a current ratio of 1.30 and a debt-to-equity ratio of 0.78. Asbury Automotive Group has a twelve month low of $201.68 and a twelve month high of $312.56. The firm has a market capitalization of $4.70 billion, a PE ratio of 8.73, a P/E/G ratio of 1.51 and a beta of 0.85. The stock's 50 day moving average is $244.36 and its 200 day moving average is $236.32.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $7.43 earnings per share for the quarter, beating the consensus estimate of $6.82 by $0.61. Asbury Automotive Group had a return on equity of 15.41% and a net margin of 3.13%.The company had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.44 billion. During the same period in the previous year, the company posted $6.40 earnings per share. The firm's revenue was up 3.0% on a year-over-year basis. Research analysts forecast that Asbury Automotive Group will post 26.28 earnings per share for the current fiscal year.

Insider Transactions at Asbury Automotive Group

In related news, Director Juanita T. James sold 625 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $244.10, for a total transaction of $152,562.50. Following the completion of the sale, the director owned 6,855 shares in the company, valued at approximately $1,673,305.50. This represents a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jed Milstein sold 1,132 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $253.26, for a total value of $286,690.32. Following the sale, the senior vice president owned 11,267 shares of the company's stock, valued at approximately $2,853,480.42. This trade represents a 9.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,957 shares of company stock worth $745,501 in the last three months. 0.53% of the stock is owned by insiders.

Institutional Trading of Asbury Automotive Group

Hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. grew its holdings in Asbury Automotive Group by 69.2% during 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. Northwestern Mutual Wealth Management Co. grew its holdings in Asbury Automotive Group by 64.8% during 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. Caitong International Asset Management Co. Ltd bought a new stake in Asbury Automotive Group during the first quarter valued at about $49,000. eCIO Inc. bought a new stake in Asbury Automotive Group during the first quarter valued at about $56,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Asbury Automotive Group by 104.2% during 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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