Asbury Automotive Group (NYSE:ABG) Stock Price Target Raised at Morgan Stanley

Asbury Automotive Group (NYSE:ABG) had its price objective hoisted by analysts at Morgan Stanley from $184.00 to $200.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley‘s target price suggests a potential downside of 3.93% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Craig Hallum raised Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $250.00 price target for the company in a research report on Tuesday, October 27th. Bank of America reissued a “buy” rating and set a $232.00 price objective on shares of Asbury Automotive Group in a research report on Wednesday, October 28th. Citigroup raised their price objective on shares of Asbury Automotive Group from $212.00 to $250.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Asbury Automotive Group in a research note on Thursday, October 22nd. Finally, Zacks Research cut shares of Asbury Automotive Group from a “hold” rating to a “strong sell” rating in a report on Friday, October 16th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Asbury Automotive Group currently has an average rating of “Hold” and an average price target of $222.88.

Asbury Automotive Group Stock Up 2.7%

Shares of Asbury Automotive Group stock traded up $5.53 during midday trading on Monday, hitting $208.18. The company had a trading volume of 58,760 shares, compared to its average volume of 258,621. Asbury Automotive Group has a 52-week low of $160.30 and a 52-week high of $258.74. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.29 and a current ratio of 0.91. The stock has a market capitalization of $3.74 billion, a P/E ratio of 8.30, a P/E/G ratio of 1.45 and a beta of 0.78. The company has a 50 day moving average of $188.22 and a 200 day moving average of $203.37.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings data on Tuesday, October 27th. The company reported $6.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.42 by ($0.26). Asbury Automotive Group had a net margin of 2.66% and a return on equity of 11.85%. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.51 billion. During the same quarter in the previous year, the firm posted $7.17 EPS. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year. On average, equities analysts predict that Asbury Automotive Group will post 24.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Asbury Automotive Group

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Asbury Automotive Group during the 2nd quarter valued at about $593,499,000. Cooke & Bieler LP bought a new stake in shares of Asbury Automotive Group in the third quarter worth approximately $65,167,000. Madison Asset Management LLC bought a new stake in shares of Asbury Automotive Group in the second quarter worth approximately $60,592,000. Lakewood Capital Management LP purchased a new position in shares of Asbury Automotive Group during the second quarter valued at approximately $35,919,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Asbury Automotive Group during the second quarter valued at approximately $27,142,000.

Asbury Automotive Group Company Profile

Asbury Automotive Group is a U.S. automotive retailer that operates franchised new- and used-vehicle dealerships. Its dealerships sell vehicles from a range of manufacturers and offer related services, including vehicle financing and insurance products, maintenance and repairs, parts sales, and collision repair.

The company also operates Clicklane, a digital platform that lets customers research, purchase, finance, and arrange delivery of vehicles online. Asbury was founded in 1995 and has expanded through acquisitions, including its 2021 purchase of Larry H.