Asbury Automotive Group (NYSE:ABG) Announces Earnings Results, Beats Expectations By $0.51 EPS

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

Asbury Automotive Group Price Performance

Shares of ABG stock opened at $227.30 on Tuesday. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.30 and a beta of 0.74. Asbury Automotive Group has a 12 month low of $172.01 and a 12 month high of $263.38. 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 stock has a 50-day moving average price of $201.83 and a 200 day moving average price of $209.52.

Wall Street Analyst Weigh In

ABG has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target on shares of Asbury Automotive Group from $235.00 to $220.00 and set an “underweight” rating on the stock in a research report on Thursday, May 7th. Barclays lowered their price objective on shares of Asbury Automotive Group from $235.00 to $225.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 15th. UBS Group boosted their target price on shares of Asbury Automotive Group from $202.00 to $221.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. Weiss Ratings lowered shares of Asbury Automotive Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley set a $220.00 price target on shares of Asbury Automotive Group in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $233.12.

Insider Transactions at Asbury Automotive Group

In other Asbury Automotive Group news, Director B. Christopher Disantis bought 157 shares of Asbury Automotive Group stock in a transaction dated Wednesday, May 20th. The shares were bought at an average price of $182.31 per share, with a total value of $28,622.67. Following 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 transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.75% of the company’s stock.

Institutional Investors Weigh In On Asbury Automotive Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Woodline Partners LP acquired a new position in Asbury Automotive Group in the third quarter valued at approximately $32,684,000. Goldman Sachs Group Inc. raised its position in shares of Asbury Automotive Group by 49.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 278,760 shares of the company’s stock valued at $61,561,000 after acquiring an additional 91,767 shares during the last quarter. J. Goldman & Co LP acquired a new stake in shares of Asbury Automotive Group during the fourth quarter worth $12,761,000. UBS Group AG grew its stake in shares of Asbury Automotive Group by 30.0% during the third quarter. UBS Group AG now owns 191,942 shares of the company’s stock worth $46,920,000 after purchasing an additional 44,336 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in Asbury Automotive Group by 589.7% in the third quarter. Squarepoint Ops LLC now owns 34,487 shares of the company’s stock valued at $8,430,000 after purchasing an additional 29,487 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.