Analysts Expect Asbury Automotive Group Inc (NYSE:ABG) Will Post Quarterly Sales of $1.65 Billion
Wall Street analysts predict that Asbury Automotive Group Inc (NYSE:ABG) will announce sales of $1.65 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Asbury Automotive Group’s earnings, with the lowest sales estimate coming in at $1.61 billion and the highest estimate coming in at $1.67 billion. Asbury Automotive Group posted sales of $1.63 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.2%. The firm is scheduled to report its next earnings results before the market opens on Tuesday, July 25th.
On average, analysts expect that Asbury Automotive Group will report full year sales of $1.65 billion for the current fiscal year, with estimates ranging from $6.43 billion to $6.68 billion. For the next financial year, analysts expect that the firm will report sales of $6.62 billion per share, with estimates ranging from $6.42 billion to $6.85 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Asbury Automotive Group.
Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings data on Thursday, April 27th. The company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.09. Asbury Automotive Group had a net margin of 2.61% and a return on equity of 52.23%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the previous year, the firm earned $1.36 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year.
Several analysts recently weighed in on ABG shares. Morgan Stanley reduced their target price on shares of Asbury Automotive Group from $56.00 to $53.00 and set an “underweight” rating on the stock in a report on Friday, June 9th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $60.00 target price (down previously from $68.00) on shares of Asbury Automotive Group in a report on Thursday, June 22nd. Jefferies Group LLC reaffirmed a “neutral” rating on shares of Asbury Automotive Group in a report on Friday, June 2nd. Zacks Investment Research cut shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, July 3rd. Finally, ValuEngine cut shares of Asbury Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $62.00.
In other Asbury Automotive Group news, COO David W. Hult sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $57.34, for a total transaction of $716,750.00. Following the sale, the chief operating officer now owns 41,911 shares of the company’s stock, valued at $2,403,176.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP George Karolis sold 2,743 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $55.98, for a total transaction of $153,553.14. Following the sale, the senior vice president now directly owns 5,083 shares in the company, valued at approximately $284,546.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,919 shares of company stock worth $969,522. 11.90% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new stake in Asbury Automotive Group during the first quarter worth $104,000. Victory Capital Management Inc. boosted its stake in Asbury Automotive Group by 45.6% in the first quarter. Victory Capital Management Inc. now owns 1,874 shares of the company’s stock worth $113,000 after buying an additional 587 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Asbury Automotive Group by 4.1% in the first quarter. Public Employees Retirement System of Ohio now owns 3,333 shares of the company’s stock worth $200,000 after buying an additional 132 shares during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new stake in Asbury Automotive Group during the first quarter worth $210,000. Finally, State of Alaska Department of Revenue boosted its stake in Asbury Automotive Group by 78.6% in the second quarter. State of Alaska Department of Revenue now owns 3,714 shares of the company’s stock worth $210,000 after buying an additional 1,634 shares during the last quarter. 99.89% of the stock is currently owned by institutional investors.
Shares of Asbury Automotive Group (NYSE ABG) traded down 0.43% on Friday, hitting $57.35. 260,095 shares of the stock were exchanged. Asbury Automotive Group has a 52-week low of $47.50 and a 52-week high of $71.00. The company’s 50 day moving average is $55.90 and its 200-day moving average is $60.35. The stock has a market cap of $1.21 billion, a PE ratio of 7.33 and a beta of 1.44.
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About Asbury Automotive Group
Asbury Automotive Group, Inc is an automotive retailer in the United States. As of December 31, 2016, the Company owned and operated 93 new vehicle franchises, representing 28 brands of automobiles at 77 dealership locations, and 23 collision centers in the United States. In addition, as of December 31, 2016, it owned and operated two standalone used vehicle stores in Florida.
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