Zacks: Brokerages Anticipate Asbury Automotive Group Inc (ABG) Will Announce Quarterly Sales of $1.71 Billion
Wall Street analysts expect that Asbury Automotive Group Inc (NYSE:ABG) will post $1.71 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Asbury Automotive Group’s earnings, with estimates ranging from $1.67 billion to $1.76 billion. Asbury Automotive Group reported sales of $1.68 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.8%. The business is scheduled to issue its next earnings results on Tuesday, October 24th.
On average, analysts expect that Asbury Automotive Group will report full-year sales of $1.71 billion for the current year, with estimates ranging from $6.51 billion to $6.70 billion. For the next financial year, analysts expect that the business will post sales of $6.63 billion per share, with estimates ranging from $6.43 billion to $6.82 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Asbury Automotive Group.
Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, July 25th. The company reported $1.58 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.09). Asbury Automotive Group had a net margin of 2.53% and a return on equity of 46.58%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the business earned $1.65 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a research report on Monday. TheStreet raised shares of Asbury Automotive Group from a “c+” rating to a “b-” rating in a research report on Wednesday, September 27th. BidaskClub raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Morgan Stanley lowered their target price on shares of Asbury Automotive Group from $56.00 to $53.00 and set an “underweight” rating for the company in a research note on Friday, June 9th. Finally, Craig Hallum restated a “hold” rating and issued a $55.00 target price (down from $65.00) on shares of Asbury Automotive Group in a research note on Wednesday, July 26th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Asbury Automotive Group has an average rating of “Hold” and an average target price of $56.75.
ILLEGAL ACTIVITY NOTICE: This piece was published by American Banking News and is owned by of American Banking News. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/04/zacks-brokerages-anticipate-asbury-automotive-group-inc-abg-will-announce-quarterly-sales-of-1-71-billion.html.
Asbury Automotive Group (NYSE:ABG) opened at 62.30 on Wednesday. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 8.42 and a beta of 1.45. The firm has a 50-day moving average price of $55.83 and a 200-day moving average price of $56.80. Asbury Automotive Group has a 12 month low of $47.50 and a 12 month high of $71.00.
In related news, Director Msd Capital L. P sold 104,949 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $51.27, for a total value of $5,380,735.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis E. Clements sold 5,000 shares of Asbury Automotive Group stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $58.66, for a total transaction of $293,300.00. Following the completion of the sale, the director now owns 20,531 shares of the company’s stock, valued at $1,204,348.46. The disclosure for this sale can be found here. Insiders have sold 110,444 shares of company stock worth $5,700,889 in the last 90 days. Insiders own 11.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ABG. BlackRock Inc. grew its position in Asbury Automotive Group by 116,095.7% during the 1st quarter. BlackRock Inc. now owns 2,514,474 shares of the company’s stock worth $151,120,000 after purchasing an additional 2,512,310 shares during the last quarter. FMR LLC purchased a new position in shares of Asbury Automotive Group in the first quarter worth $45,869,000. Koch Industries Inc. purchased a new position in shares of Asbury Automotive Group in the second quarter worth $294,000. Bank of America Corp DE raised its holdings in shares of Asbury Automotive Group by 339.9% in the first quarter. Bank of America Corp DE now owns 380,516 shares of the company’s stock worth $22,869,000 after buying an additional 294,008 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Asbury Automotive Group in the first quarter worth $7,555,000. 99.89% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Asbury Automotive Group Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Asbury Automotive Group Inc and related companies with MarketBeat.com's FREE daily email newsletter.