Asbury Automotive Group (NYSE:ABG) Coverage Initiated at Bank of America

Stock analysts at Bank of America assumed coverage on shares of Asbury Automotive Group (NYSE:ABG) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating on the stock.

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

Asbury Automotive Group Stock Performance

Shares of ABG stock traded up $2.41 during trading hours on Wednesday, hitting $213.85. The company’s stock had a trading volume of 17,782 shares, compared to its average volume of 207,775. The stock has a market cap of $4.12 billion, a PE ratio of 8.52 and a beta of 0.81. Asbury Automotive Group has a 12-month low of $201.68 and a 12-month high of $274.50. The company has a 50 day moving average of $234.88 and a 200 day moving average of $238.31. The company has a current ratio of 0.95, a quick ratio of 0.35 and a debt-to-equity ratio of 0.79.

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

Institutional Investors Weigh In On Asbury Automotive Group

A number of institutional investors have recently added to or reduced their stakes in ABG. Los Angeles Capital Management LLC purchased a new stake in shares of Asbury Automotive Group during the fourth quarter worth $25,000. Torren Management LLC purchased a new position in Asbury Automotive Group in the fourth quarter valued at $27,000. Quarry LP grew its stake 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 in the last quarter. Bogart Wealth LLC raised 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 purchasing an additional 44 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Asbury Automotive Group by 69.2% in the second quarter. Osaic Holdings Inc. now owns 132 shares of the company’s stock worth $31,000 after acquiring an additional 54 shares during 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.