Asbury Automotive Group (NYSE:ABG) Given New $240.00 Price Target at JPMorgan Chase & Co.

Asbury Automotive Group (NYSE:ABG) had its price objective raised by JPMorgan Chase & Co. from $235.00 to $240.00 in a research report released on Friday,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other equities analysts have also weighed in on the company. Weiss Ratings lowered Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Barclays decreased their target price on Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating for the company in a research report on Friday, February 6th. Morgan Stanley set a $230.00 price target on Asbury Automotive Group in a research note on Monday, December 8th. Finally, Bank of America began coverage on shares of Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Asbury Automotive Group presently has an average rating of “Hold” and an average target price of $248.29.

Asbury Automotive Group Price Performance

ABG opened at $185.06 on Friday. The company has a fifty day moving average price of $223.63 and a two-hundred day moving average price of $233.77. The firm has a market capitalization of $3.56 billion, a PE ratio of 7.38 and a beta of 0.81. Asbury Automotive Group has a 52 week low of $184.61 and a 52 week high of $274.50. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.35 and a current ratio of 0.95.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Thursday, February 5th. The company reported $6.67 earnings per share 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 company had revenue of $4.68 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period last year, the company earned $7.26 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that Asbury Automotive Group will post 26.28 earnings per share for the current year.

Insider Activity

In other Asbury Automotive Group news, Director B. Christopher Disantis bought 500 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average cost of $202.30 per share, with a total value of $101,150.00. Following the purchase, the director owned 5,400 shares in the company, valued at $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC acquired a new position in shares of Asbury Automotive Group in the fourth quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in shares of Asbury Automotive Group during the fourth quarter worth $27,000. Quarry LP raised its holdings in shares of Asbury Automotive Group by 319.2% during the third quarter. Quarry LP now owns 109 shares of the company’s stock worth $27,000 after acquiring an additional 83 shares during the period. Bogart Wealth LLC lifted its position in Asbury Automotive Group by 52.4% in the 4th quarter. Bogart Wealth LLC now owns 128 shares of the company’s stock valued at $30,000 after acquiring an additional 44 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its position in Asbury Automotive Group by 69.2% in the 2nd quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock valued at $31,000 after acquiring an additional 54 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.