Asbury Automotive Group (NYSE:ABG) Issues Quarterly Earnings Results

Asbury Automotive Group (NYSE:ABG) issued its earnings results on Tuesday. The company reported $6.82 earnings per share for the quarter, topping analysts’ consensus estimates of $6.31 by $0.51, FiscalAI reports. Asbury Automotive Group had a net margin of 3.05% and a return on equity of 13.39%. During the same quarter in the previous year, the business earned $7.43 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year.

Asbury Automotive Group Trading Up 2.3%

Asbury Automotive Group stock opened at $231.89 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.94 and a debt-to-equity ratio of 0.78. The firm has a 50-day moving average price of $201.83 and a two-hundred day moving average price of $209.52. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 1.30 and a beta of 0.74. Asbury Automotive Group has a 52-week low of $172.01 and a 52-week high of $263.38.

Analyst Ratings Changes

ABG has been the subject of several research reports. UBS Group lifted their price target on shares of Asbury Automotive Group from $202.00 to $221.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Stephens reiterated an “overweight” rating and set a $242.00 price objective on shares of Asbury Automotive Group in a research note on Tuesday, June 2nd. Weiss Ratings cut shares of Asbury Automotive Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 29th. Morgan Stanley set a $220.00 target price on shares of Asbury Automotive Group in a report on Thursday, May 7th. Finally, Barclays decreased their target price on Asbury Automotive Group from $235.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Asbury Automotive Group currently has an average rating of “Hold” and a consensus target price of $233.12.

Insider Buying and Selling

In other news, Director B. Christopher Disantis purchased 157 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $182.31 per share, for a total transaction of $28,622.67. Following the completion of the purchase, the director owned 6,400 shares of the company’s stock, valued at $1,166,784. This trade represents a 2.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.

Institutional Investors Weigh In On Asbury Automotive Group

A number of hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. grew its holdings in Asbury Automotive Group by 69.2% in the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock worth $31,000 after buying an additional 54 shares in the last quarter. Lazard Asset Management LLC raised its stake in Asbury Automotive Group by 0.8% during the 2nd quarter. Lazard Asset Management LLC now owns 9,375 shares of the company’s stock valued at $2,236,000 after acquiring an additional 71 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake 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 valued at $49,000 after acquiring an additional 81 shares in the last quarter. Quarry LP raised its stake in 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 in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Asbury Automotive Group during the 4th quarter worth $25,000.

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.