Asbury Automotive Group Inc. (ABG) Downgraded by Zacks Investment Research to “Hold”
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 to investors 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. “
ABG has been the topic of several other research reports. Wolfe Research assumed coverage on shares of Asbury Automotive Group in a report on Tuesday, September 13th. They issued a “market perform” rating on the stock. TheStreet upgraded shares of Asbury Automotive Group from a “hold” rating to a “buy” rating in a report on Monday, July 25th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock 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% during mid-day trading on Monday, hitting $55.25. The stock had a trading volume of 129,627 shares. The company has a market cap of $1.22 billion, a P/E ratio of 8.42 and a beta of 1.20. The firm’s 50 day moving average price is $54.63 and its 200 day moving average price is $55.82. Asbury Automotive Group has a 1-year low of $43.56 and a 1-year high of $87.61.
Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.65 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.65. Asbury Automotive Group had a net margin of 2.45% and a return on equity of 51.29%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. Analysts predict that Asbury Automotive Group will post $6.11 earnings per share for the current fiscal year.
In other Asbury Automotive Group news, CFO Keith Style sold 5,000 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $61.11, for a total value of $305,550.00. Following the transaction, the chief financial officer now directly owns 26,642 shares in the company, valued at $1,628,092.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $1,563,840.00. Following the completion of the transaction, the chief executive officer now owns 125,519 shares in the company, valued at $7,270,060.48. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABG. HBK Investments L P increased its stake in shares of Asbury Automotive Group by 50.4% in the first quarter. HBK Investments L P now owns 54,440 shares of the company’s stock valued at $3,258,000 after buying an additional 18,240 shares during the last quarter. Riverhead Capital Management LLC purchased a new stake in shares of Asbury Automotive Group during the first quarter valued at approximately $168,000. UBS Group AG increased its stake in shares of Asbury Automotive Group by 125.8% in the first quarter. UBS Group AG now owns 290,279 shares of the company’s stock valued at $17,370,000 after buying an additional 161,722 shares during the last quarter. State Street Corp increased its stake in shares of Asbury Automotive Group by 10.6% in the first quarter. State Street Corp now owns 648,029 shares of the company’s stock valued at $38,784,000 after buying an additional 62,173 shares during the last quarter. Finally, Menta Capital LLC purchased a new stake in shares of Asbury Automotive Group during the first quarter valued at approximately $569,000.
Asbury Automotive Group Company Profile
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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