Asbury Automotive Group (NYSE:ABG) Sets New 12-Month Low – Here’s Why

Asbury Automotive Group, Inc. (NYSE:ABG)’s stock price hit a new 52-week low during trading on Wednesday. The stock traded as low as $171.47 and last traded at $171.41, with a volume of 35109 shares changing hands. The stock had previously closed at $173.95.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ABG shares. JPMorgan Chase & Co. reduced their price target on shares of Asbury Automotive Group from $220.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, August 4th. Seaport Research Partners upgraded Asbury Automotive Group from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday, September 8th. Morgan Stanley increased their price objective on shares of Asbury Automotive Group from $220.00 to $230.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. UBS Group set a $250.00 price target on shares of Asbury Automotive Group in a report on Wednesday, July 29th. Finally, Barclays upped their target price on Asbury Automotive Group from $225.00 to $265.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $237.83.

Asbury Automotive Group Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.29 and a debt-to-equity ratio of 0.77. The firm’s fifty day moving average price is $209.86 and its two-hundred day moving average price is $202.50. The stock has a market capitalization of $3.08 billion, a PE ratio of 6.41, a price-to-earnings-growth ratio of 0.69 and a beta of 0.71.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, July 28th. The company reported $6.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.31 by $0.51. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.49 billion. Asbury Automotive Group had a net margin of 2.83% and a return on equity of 12.72%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the company posted $7.43 EPS. As a group, equities research analysts forecast that Asbury Automotive Group, Inc. will post 26.44 EPS for the current year.

Insider Buying and Selling

In related news, SVP Jed Milstein sold 948 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $250.28, for a total value of $237,265.44. Following the completion of the sale, the senior vice president owned 11,259 shares of the company’s stock, valued at approximately $2,817,902.52. The trade was a 7.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cim Investment Management Inc. increased its holdings in shares of Asbury Automotive Group by 7.3% in the second quarter. Cim Investment Management Inc. now owns 1,167 shares of the company’s stock valued at $235,000 after purchasing an additional 79 shares during the last quarter. Engineers Gate Manager LP increased its position in Asbury Automotive Group by 1,067.2% during the second quarter. Engineers Gate Manager LP now owns 14,217 shares of the company’s stock worth $2,859,000 after purchasing an additional 12,999 shares during the last quarter. GoodHaven Capital Management LLC raised its stake in Asbury Automotive Group by 29.0% during the second quarter. GoodHaven Capital Management LLC now owns 56,450 shares of the company’s stock worth $11,351,000 after purchasing an additional 12,689 shares during the period. Allworth Financial LP raised its stake in Asbury Automotive Group by 263.3% during the second quarter. Allworth Financial LP now owns 178 shares of the company’s stock worth $36,000 after purchasing an additional 129 shares during the period. Finally, Nykredit A S acquired a new position in Asbury Automotive Group in the 2nd quarter valued at about $243,000.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc is a U.S.-based automotive retailer that sells new and used vehicles through a network of franchised dealerships. The company represents a range of domestic, import and luxury automotive brands and serves consumers in multiple markets across the United States.

In addition to vehicle sales, Asbury provides automotive maintenance and repair services, replacement parts, collision repair and other dealership-related services. Its dealerships also offer financing and insurance products, vehicle protection plans and digital tools designed to support vehicle purchasing and ownership.

Founded in 1995 and headquartered in Duluth, Georgia, Asbury has expanded through acquisitions as well as the development of its dealership portfolio.