JPMorgan Chase & Co. Boosts Asbury Automotive Group (NYSE:ABG) Price Target to $240.00

Asbury Automotive Group (NYSE:ABG) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $235.00 to $240.00 in a report released on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 28.15% from the stock’s previous close.

ABG has been the subject of a number of other research reports. Barclays lowered 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. Morgan Stanley set a $230.00 price target on shares of Asbury Automotive Group in a research report on Monday, December 8th. Weiss Ratings downgraded Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 23rd. Finally, Bank of America assumed coverage on Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $248.29.

Asbury Automotive Group Trading Down 0.9%

ABG stock traded down $1.70 during trading on Friday, hitting $187.28. The company had a trading volume of 137,075 shares, compared to its average volume of 219,558. The stock has a market cap of $3.61 billion, a PE ratio of 7.46 and a beta of 0.81. The business has a 50-day moving average of $225.04 and a 200-day moving average of $234.23. 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 has a one year low of $185.11 and a one 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 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 firm had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter in the previous year, the business posted $7.26 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts predict that Asbury Automotive Group will post 26.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director B. Christopher Disantis purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $202.30 per share, with a total value of $101,150.00. Following the purchase, the director owned 5,400 shares in the company, valued at $1,092,420. This represents a 10.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Asbury Automotive Group

A number of institutional investors have recently modified their holdings of ABG. Abrams Capital Management L.P. grew its holdings in shares of Asbury Automotive Group by 2.2% during the third quarter. Abrams Capital Management L.P. now owns 2,155,492 shares of the company’s stock valued at $526,910,000 after buying an additional 46,952 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Asbury Automotive Group by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,122,322 shares of the company’s stock valued at $260,980,000 after acquiring an additional 18,154 shares in the last quarter. Eminence Capital LP lifted its position in Asbury Automotive Group by 36.0% in the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock valued at $239,055,000 after acquiring an additional 265,539 shares in the last quarter. State Street Corp boosted its stake in Asbury Automotive Group by 1.2% during the 4th quarter. State Street Corp now owns 781,228 shares of the company’s stock valued at $181,659,000 after purchasing an additional 9,535 shares during the last quarter. Finally, Timucuan Asset Management Inc. FL increased its holdings in Asbury Automotive Group by 1.5% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 724,082 shares of the company’s stock worth $172,723,000 after purchasing an additional 10,924 shares in 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.