Asbury Automotive Group Inc. (ABG) Cut to Hold at Zacks Investment Research
Asbury Automotive Group Inc. (NYSE:ABG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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 analysts also recently weighed in on the company. TheStreet upgraded Asbury Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, July 25th. Wolfe Research started coverage on Asbury Automotive Group in a research note on Tuesday, September 13th. They set a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Asbury Automotive Group currently has a consensus rating of “Hold” and an average target price of $70.75.
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Shares of Asbury Automotive Group (NYSE:ABG) traded down 0.27% on Monday, reaching $55.25. The company had a trading volume of 129,627 shares. Asbury Automotive Group has a 12 month low of $43.56 and a 12 month high of $87.61. The company’s 50-day moving average is $54.63 and its 200 day moving average is $55.82. The firm has a market capitalization of $1.22 billion, a PE ratio of 8.42 and a beta of 1.20.
Asbury Automotive Group (NYSE:ABG) last announced its earnings results on Tuesday, July 26th. The company reported $1.65 earnings per share for the quarter, meeting the consensus estimate of $1.65. Asbury Automotive Group had a return on equity of 51.29% and a net margin of 2.45%. The firm earned $1.63 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company earned $1.52 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. Equities analysts forecast that Asbury Automotive Group will post $6.11 earnings per share for the current year.
In other news, insider William Frederick Stax sold 500 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $60.88, for a total value of $30,440.00. Following the completion of the transaction, the insider now directly owns 1,763 shares of the company’s stock, valued at approximately $107,331.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig T. Monaghan sold 27,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $57.92, for a total value of $1,563,840.00. Following the completion of the transaction, the chief executive officer now directly owns 125,519 shares of the company’s stock, valued at $7,270,060.48. The disclosure for this sale can be found here. 10.90% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Asbury Automotive Group by 76.0% in the first quarter. JPMorgan Chase & Co. now owns 44,294 shares of the company’s stock worth $2,651,000 after buying an additional 19,123 shares during the last quarter. BlackRock Group LTD boosted its stake in Asbury Automotive Group by 138.5% in the first quarter. BlackRock Group LTD now owns 43,259 shares of the company’s stock worth $2,589,000 after buying an additional 25,119 shares in the last quarter. First Trust Advisors LP acquired a new stake in Asbury Automotive Group during the second quarter worth $891,000. UBS Group AG boosted its stake in Asbury Automotive Group by 125.8% in the first quarter. UBS Group AG now owns 290,279 shares of the company’s stock worth $17,370,000 after buying an additional 161,722 shares in the last quarter. Finally, Aperio Group LLC acquired a new stake in Asbury Automotive Group during the first quarter worth $303,000.
About Asbury Automotive Group
Asbury Automotive Group, Inc is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles; used vehicles; parts and service, including vehicle repair and maintenance services, replacement parts, and collision repair services, and finance and insurance, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection (GAP) insurance, prepaid maintenance, and credit life and disability insurance.
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