Asbury Automotive Group (NYSE:ABG) Now Covered by Analysts at Bank of America

Bank of America initiated coverage on shares of Asbury Automotive Group (NYSE:ABG) in a research note published on Wednesday morning. The firm issued a buy rating on the stock.

Several other equities analysts have also issued reports on the company. Morgan Stanley set a $230.00 price target on Asbury Automotive Group in a research note on Monday, December 8th. Barclays decreased their target price on Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating on the stock in a research report on Friday, February 6th. Zacks Research cut shares of Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. raised their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the company an “underweight” rating in a research note on Wednesday, November 5th. Finally, Weiss Ratings cut shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of “Hold” and an average price target of $247.57.

Asbury Automotive Group Price Performance

Shares of NYSE:ABG opened at $213.12 on Wednesday. The firm has a 50 day moving average of $234.32 and a 200-day moving average of $238.13. Asbury Automotive Group has a 12 month low of $201.68 and a 12 month high of $274.50. The company has a current ratio of 0.95, a quick ratio of 0.35 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $4.10 billion, a PE ratio of 8.49 and a beta of 0.81.

Asbury Automotive Group (NYSE:ABG) last announced its quarterly earnings data on Thursday, February 5th. The company reported $6.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.70 by ($0.03). Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The firm had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period last year, the business earned $7.26 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Asbury Automotive Group will post 26.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Asbury Automotive Group

Institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new position in Asbury Automotive Group in the 4th quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in Asbury Automotive Group in the fourth quarter valued at $27,000. Quarry LP raised its position in Asbury Automotive Group by 319.2% during the 3rd quarter. Quarry LP now owns 109 shares of the company’s stock worth $27,000 after purchasing an additional 83 shares during the last quarter. Bogart Wealth LLC raised its position in 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 purchasing an additional 44 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in Asbury Automotive Group by 69.2% during the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock worth $31,000 after buying an additional 54 shares during the period.

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.