Citigroup Has Lowered Expectations for Asbury Automotive Group (NYSE:ABG) Stock Price

Asbury Automotive Group (NYSE:ABG) had its target price cut by investment analysts at Citigroup from $260.00 to $212.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 5.54% from the company’s current price.

Other analysts have also issued research reports about the stock. Barclays raised their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the company an “equal weight” rating in a research report on Tuesday. Bank of America initiated coverage on shares of Asbury Automotive Group in a report on Wednesday, March 4th. They set a “buy” rating on the stock. JPMorgan Chase & Co. increased their price objective on shares of Asbury Automotive Group from $235.00 to $240.00 and gave the company an “underweight” rating in a report on Friday, March 20th. Stephens decreased their price objective on shares of Asbury Automotive Group from $277.00 to $254.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Weiss Ratings downgraded shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $242.29.

Asbury Automotive Group Stock Performance

ABG stock traded up $5.73 during midday trading on Wednesday, hitting $200.87. 82,691 shares of the stock traded hands, compared to its average volume of 216,216. The firm has a market cap of $3.88 billion, a P/E ratio of 8.04 and a beta of 0.80. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.95 and a quick ratio of 0.35. The stock’s fifty day simple moving average is $211.24 and its 200-day simple moving average is $228.91. Asbury Automotive Group has a 1-year low of $184.61 and a 1-year high of $274.50.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings results on Thursday, February 5th. The company reported $6.67 EPS for the quarter, missing the consensus estimate of $6.70 by ($0.03). The firm had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.93 billion. Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.26 EPS. On average, analysts expect 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 purchased 500 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the transaction, the director owned 5,400 shares of the company’s stock, valued at $1,092,420. The trade was a 10.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asbury Automotive Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Trust & Banking Corp boosted its position in Asbury Automotive Group by 631.4% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 7,036 shares of the company’s stock worth $1,720,000 after acquiring an additional 6,074 shares during the last quarter. American Century Companies Inc. boosted its position in Asbury Automotive Group by 261.7% during the third quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock worth $39,025,000 after acquiring an additional 115,504 shares during the last quarter. Magnolia Group LLC boosted its position in Asbury Automotive Group by 18.7% during the third quarter. Magnolia Group LLC now owns 282,623 shares of the company’s stock worth $69,087,000 after acquiring an additional 44,500 shares during the last quarter. SG Americas Securities LLC boosted its position in Asbury Automotive Group by 1,570.2% during the fourth quarter. SG Americas Securities LLC now owns 9,086 shares of the company’s stock worth $2,113,000 after acquiring an additional 8,542 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Asbury Automotive Group by 14.4% during the third quarter. Public Sector Pension Investment Board now owns 76,656 shares of the company’s stock worth $18,739,000 after acquiring an additional 9,632 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.