Asbury Automotive Group (ABG) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Asbury Automotive Group (NYSE:ABG) from a hold rating to a buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $75.00 target price on the stock.

According to Zacks, “Asbury Automotive Group, Inc. is one of the largest automotive retailers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts. They sell used vehicles at all franchised dealership locations and stand-alone stores. Used vehicle sales include the sale of used vehicles to individual retail customers and the sale of used vehicles to other dealers at auction. They provide vehicle repair and maintenance services, sell replacement parts, and recondition used vehicles at all of our dealerships. “

Other research analysts have also issued research reports about the company. SunTrust Banks began coverage on Asbury Automotive Group in a research report on Friday, August 24th. They set a hold rating and a $78.00 price objective for the company. Buckingham Research downgraded shares of Asbury Automotive Group from a buy rating to a neutral rating and set a $70.00 price target for the company. in a report on Wednesday, October 3rd. ValuEngine downgraded shares of Asbury Automotive Group from a hold rating to a sell rating in a report on Saturday, October 6th. Finally, Morgan Stanley raised shares of Asbury Automotive Group from an underweight rating to an equal weight rating and increased their price target for the company from $63.00 to $71.00 in a report on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Asbury Automotive Group has an average rating of Hold and an average price target of $71.40.

Shares of Asbury Automotive Group stock traded up $0.82 during trading on Wednesday, reaching $68.65. 6,555 shares of the stock traded hands, compared to its average volume of 476,026. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 0.53 and a beta of 1.47. The company has a quick ratio of 0.36, a current ratio of 1.21 and a debt-to-equity ratio of 1.77. Asbury Automotive Group has a 52-week low of $58.60 and a 52-week high of $77.75.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings data on Tuesday, October 23rd. The company reported $2.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.33. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.68 billion. Asbury Automotive Group had a return on equity of 37.83% and a net margin of 2.52%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 earnings per share. On average, equities analysts expect that Asbury Automotive Group will post 8.09 EPS for the current fiscal year.

In other Asbury Automotive Group news, Director Juanita T. James sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $74.73, for a total value of $112,095.00. Following the completion of the sale, the director now owns 8,679 shares of the company’s stock, valued at $648,581.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas C. Deloach, Jr. sold 10,616 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $74.75, for a total transaction of $793,546.00. Following the completion of the sale, the director now directly owns 68,652 shares of the company’s stock, valued at approximately $5,131,737. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,386 shares of company stock valued at $2,050,438. 1.90% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stevens Capital Management LP bought a new stake in Asbury Automotive Group in the second quarter worth about $201,000. Sei Investments Co. lifted its stake in Asbury Automotive Group by 1,869.7% in the second quarter. Sei Investments Co. now owns 2,994 shares of the company’s stock worth $206,000 after purchasing an additional 2,842 shares during the last quarter. Amalgamated Bank bought a new stake in Asbury Automotive Group in the second quarter worth about $227,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Asbury Automotive Group in the second quarter worth about $266,000. Finally, First Hawaiian Bank bought a new stake in Asbury Automotive Group in the third quarter worth about $273,000.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance, replacement parts, and collision repair services. The company also provides finance and insurance products, including arranging vehicle financing through third parties; and aftermarket products, such as extended service contracts, guaranteed asset protection insurance, prepaid maintenance, and credit life and disability insurance.

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