Brokerages Anticipate Asbury Automotive Group, Inc. (NYSE:ABG) Will Post Quarterly Sales of $2.30 Billion


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Wall Street analysts forecast that Asbury Automotive Group, Inc. (NYSE:ABG) will announce sales of $2.30 billion for the current quarter, Zacks reports. Four analysts have issued estimates for Asbury Automotive Group’s earnings. The lowest sales estimate is $2.16 billion and the highest is $2.44 billion. Asbury Automotive Group reported sales of $1.45 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 58.6%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, July 27th.

According to Zacks, analysts expect that Asbury Automotive Group will report full-year sales of $9.11 billion for the current fiscal year, with estimates ranging from $8.90 billion to $9.41 billion. For the next fiscal year, analysts forecast that the firm will post sales of $9.51 billion, with estimates ranging from $9.08 billion to $10.40 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Asbury Automotive Group.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Monday, April 26th. The company reported $4.68 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $1.17. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Asbury Automotive Group had a return on equity of 29.87% and a net margin of 3.08%. The business’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.80 EPS.

Several equities analysts have recently weighed in on the company. Zacks Investment Research raised Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $229.00 price target on the stock in a report on Wednesday, April 28th. Craig Hallum upped their price objective on Asbury Automotive Group from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, April 28th. Morgan Stanley upped their price objective on Asbury Automotive Group from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Truist upped their price objective on Asbury Automotive Group from $180.00 to $210.00 in a research note on Wednesday, April 28th. Finally, Truist Securities increased their price target on Asbury Automotive Group from $180.00 to $210.00 in a research note on Wednesday, April 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $179.89.

ABG stock traded up $3.21 during midday trading on Thursday, hitting $205.43. The company’s stock had a trading volume of 100,410 shares, compared to its average volume of 193,244. The company has a market cap of $3.97 billion, a PE ratio of 18.72, a P/E/G ratio of 0.61 and a beta of 1.75. Asbury Automotive Group has a 12 month low of $88.74 and a 12 month high of $222.36. The company has a current ratio of 1.07, a quick ratio of 0.39 and a debt-to-equity ratio of 1.45. The firm’s 50-day moving average is $198.75 and its 200-day moving average is $157.22.

In related news, CAO William Frederick Stax sold 727 shares of Asbury Automotive Group stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $164.22, for a total transaction of $119,387.94. Following the transaction, the chief accounting officer now directly owns 4,860 shares of the company’s stock, valued at $798,109.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Juanita T. James sold 750 shares of Asbury Automotive Group stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $164.80, for a total transaction of $123,600.00. Following the transaction, the director now directly owns 6,663 shares in the company, valued at $1,098,062.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,655 shares of company stock worth $5,393,962. 1.01% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Asbury Automotive Group by 106.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 270,517 shares of the company’s stock worth $39,425,000 after buying an additional 139,435 shares during the period. Credit Suisse AG lifted its stake in shares of Asbury Automotive Group by 19.7% during the fourth quarter. Credit Suisse AG now owns 23,373 shares of the company’s stock worth $3,407,000 after buying an additional 3,848 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Asbury Automotive Group by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 149,209 shares of the company’s stock worth $21,746,000 after buying an additional 1,868 shares during the period. Citigroup Inc. lifted its position in Asbury Automotive Group by 68.7% during the fourth quarter. Citigroup Inc. now owns 16,814 shares of the company’s stock valued at $2,451,000 after purchasing an additional 6,847 shares during the period. Finally, Vantage Consulting Group Inc acquired a new position in Asbury Automotive Group during the fourth quarter valued at $34,000.

About Asbury Automotive Group

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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Earnings History and Estimates for Asbury Automotive Group (NYSE:ABG)

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