Asbury Automotive Group Inc (NYSE:ABG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, October 17th.
According to Zacks, “Asbury Automotive Group is one of the largest automotive retailers in the United States. They sell, finance and service a diverse range of foreign and domestic automobile brands. “
Several other research firms also recently commented on ABG. Deutsche Bank AG reiterated a “hold” rating and set a $60.00 price objective (down from $68.00) on shares of Asbury Automotive Group in a research note on Thursday, June 22nd. TheStreet downgraded shares of Asbury Automotive Group from a “b-” rating to a “c+” rating in a research note on Thursday, August 10th. BidaskClub downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Craig Hallum reiterated a “hold” rating and set a $55.00 price objective (down from $65.00) on shares of Asbury Automotive Group in a research note on Wednesday, July 26th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $61.00 price objective on shares of Asbury Automotive Group in a research note on Thursday, October 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $56.75.
Asbury Automotive Group (ABG) traded up 4.32% during mid-day trading on Tuesday, hitting $61.60. The stock had a trading volume of 280,309 shares. Asbury Automotive Group has a one year low of $47.50 and a one year high of $71.00. The firm’s 50-day moving average is $58.69 and its 200 day moving average is $56.65. The stock has a market cap of $1.28 billion, a PE ratio of 8.01 and a beta of 1.45.
Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings data on Tuesday, October 24th. The company reported $1.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($0.09). Asbury Automotive Group had a net margin of 2.53% and a return on equity of 46.58%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company earned $1.52 earnings per share. Asbury Automotive Group’s revenue for the quarter was down 4.8% compared to the same quarter last year. Equities research analysts expect that Asbury Automotive Group will post $6.29 EPS for the current year.
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In other Asbury Automotive Group news, Director Dennis E. Clements sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $58.66, for a total transaction of $293,300.00. Following the completion of the transaction, the director now owns 20,531 shares in the company, valued at approximately $1,204,348.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Msd Capital L. P sold 104,949 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $51.27, for a total transaction of $5,380,735.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,444 shares of company stock valued at $5,700,889. 11.90% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Peregrine Capital Management LLC raised its holdings in Asbury Automotive Group by 2.1% during the 3rd quarter. Peregrine Capital Management LLC now owns 125,076 shares of the company’s stock worth $7,642,000 after purchasing an additional 2,529 shares during the last quarter. USA Financial Portformulas Corp raised its holdings in Asbury Automotive Group by 59.4% during the 2nd quarter. USA Financial Portformulas Corp now owns 6,845 shares of the company’s stock worth $387,000 after purchasing an additional 2,550 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Asbury Automotive Group during the 2nd quarter worth approximately $419,000. Public Employees Retirement System of Ohio raised its holdings in Asbury Automotive Group by 10.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,673 shares of the company’s stock worth $208,000 after purchasing an additional 340 shares during the last quarter. Finally, Koch Industries Inc. bought a new position in Asbury Automotive Group during the 2nd quarter worth approximately $294,000.
About Asbury Automotive Group
Asbury Automotive Group, Inc is an automotive retailer in the United States. As of December 31, 2016, the Company owned and operated 93 new vehicle franchises, representing 28 brands of automobiles at 77 dealership locations, and 23 collision centers in the United States. In addition, as of December 31, 2016, it owned and operated two standalone used vehicle stores in Florida.
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