Asbury Automotive Group (NYSE:ABG) Price Target Cut to $212.00 by Analysts at Citigroup

Asbury Automotive Group (NYSE:ABG) had its target price trimmed by Citigroup from $260.00 to $212.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

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

Asbury Automotive Group Price Performance

NYSE:ABG opened at $200.96 on Wednesday. The stock has a market cap of $3.88 billion, a P/E ratio of 8.01 and a beta of 0.80. Asbury Automotive Group has a one year low of $184.61 and a one year high of $274.50. The company has a fifty day moving average price of $210.39 and a 200 day moving average price of $228.71. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.95 and a quick ratio of 0.35.

Asbury Automotive Group (NYSE:ABG) last released its 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 company 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%. Asbury Automotive Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.26 earnings per share. Analysts anticipate 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 acquired 500 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average price of $202.30 per share, for a total transaction 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Asbury Automotive Group

A number of hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. raised its stake in shares of Asbury Automotive Group by 163.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 321 shares of the company’s stock valued at $75,000 after buying an additional 199 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Asbury Automotive Group during the 4th quarter worth about $54,000. River Road Asset Management LLC increased its position in shares of Asbury Automotive Group by 5.4% during the 4th quarter. River Road Asset Management LLC now owns 211,054 shares of the company’s stock worth $49,076,000 after purchasing an additional 10,892 shares in the last quarter. Invesco Ltd. increased its position in shares of Asbury Automotive Group by 3.5% during the 4th quarter. Invesco Ltd. now owns 157,006 shares of the company’s stock worth $36,509,000 after purchasing an additional 5,360 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its position in shares of Asbury Automotive Group by 12.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,185 shares of the company’s stock worth $2,154,000 after purchasing an additional 985 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.