Asbury Automotive Group (NYSE:ABG) Stock Price Up 6.8% – Time to Buy?

Asbury Automotive Group, Inc. (NYSE:ABG)’s stock price was up 6.8% during mid-day trading on Wednesday . The company traded as high as $224.00 and last traded at $224.4680. 9,637 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 246,639 shares. The stock had previously closed at $210.12.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ABG. Barclays decreased their price target on Asbury Automotive Group from $235.00 to $225.00 and set an “equal weight” rating for the company in a report on Wednesday, July 15th. Stephens reissued an “overweight” rating and issued a $242.00 price objective on shares of Asbury Automotive Group in a research note on Tuesday, June 2nd. Citigroup cut their price objective on shares of Asbury Automotive Group from $260.00 to $212.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Morgan Stanley set a $220.00 target price on shares of Asbury Automotive Group in a research note on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of Asbury Automotive Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $233.12.

Asbury Automotive Group Trading Up 2.6%

The company has a current ratio of 0.94, a quick ratio of 0.29 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average price of $198.70 and a 200-day moving average price of $209.88. The firm has a market capitalization of $4.13 billion, a PE ratio of 7.85, a P/E/G ratio of 1.21 and a beta of 0.74.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $5.37 earnings per share for the quarter, missing analysts’ consensus estimates of $5.62 by ($0.25). Asbury Automotive Group had a net margin of 3.05% and a return on equity of 13.39%. The business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter last year, the firm earned $6.82 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Analysts expect that Asbury Automotive Group, Inc. will post 26.26 earnings per share for the current year.

Insider Buying and Selling

In related news, Director B. Christopher Disantis bought 157 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average cost of $182.31 per share, for a total transaction of $28,622.67. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at approximately $1,166,784. This trade represents a 2.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.75% of the company’s stock.

Institutional Trading of Asbury Automotive Group

Several hedge funds and other institutional investors have recently made changes to their positions in ABG. Los Angeles Capital Management LLC acquired a new position in Asbury Automotive Group during the fourth quarter worth about $25,000. Quarry LP lifted its position in shares of Asbury Automotive Group by 319.2% during the 3rd quarter. Quarry LP now owns 109 shares of the company’s stock valued at $27,000 after acquiring an additional 83 shares during the period. Torren Management LLC acquired a new stake in shares of Asbury Automotive Group during the 4th quarter valued at approximately $27,000. Bogart Wealth LLC boosted its stake in shares of 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 in the last quarter. Finally, Salomon & Ludwin LLC boosted its stake in shares of Asbury Automotive Group by 76.0% during the 4th quarter. Salomon & Ludwin LLC now owns 132 shares of the company’s stock worth $32,000 after acquiring an additional 57 shares in the last quarter.

About Asbury Automotive Group

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.