Asbury Automotive Group (ABG) Rating Increased to Buy at Zacks Investment Research

Asbury Automotive Group (NYSE:ABG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $78.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.48% from the stock’s previous close.

According to Zacks, “Asbury Automotive Group, Inc. is one of the largest automotive retailers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts. They sell used vehicles at all franchised dealership locations and stand-alone stores. Used vehicle sales include the sale of used vehicles to individual retail customers and the sale of used vehicles to other dealers at auction. They provide vehicle repair and maintenance services, sell replacement parts, and recondition used vehicles at all of our dealerships. “

ABG has been the topic of several other research reports. Craig Hallum upped their price target on shares of Asbury Automotive Group from $55.00 to $67.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. ValuEngine cut shares of Asbury Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Morgan Stanley upped their price target on shares of Asbury Automotive Group from $53.00 to $63.00 and gave the stock an “underweight” rating in a report on Wednesday, March 14th. Finally, Buckingham Research upped their price target on shares of Asbury Automotive Group from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, April 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $67.33.

NYSE:ABG opened at $70.60 on Wednesday. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 10.98, a P/E/G ratio of 0.82 and a beta of 1.54. Asbury Automotive Group has a 1 year low of $70.10 and a 1 year high of $71.10. The company has a current ratio of 1.20, a quick ratio of 0.38 and a debt-to-equity ratio of 2.02.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, April 24th. The company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.10. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.58 billion. Asbury Automotive Group had a return on equity of 38.22% and a net margin of 2.23%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.58 earnings per share. analysts predict that Asbury Automotive Group will post 7.76 earnings per share for the current fiscal year.

In related news, SVP George Karolis sold 3,150 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $69.54, for a total value of $219,051.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas Reddin sold 1,500 shares of the stock in a transaction on Friday, March 9th. The shares were sold at an average price of $69.00, for a total value of $103,500.00. Following the completion of the transaction, the director now directly owns 4,415 shares in the company, valued at approximately $304,635. The disclosure for this sale can be found here. In the last three months, insiders sold 7,250 shares of company stock worth $497,035. 1.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in Asbury Automotive Group by 37.2% in the fourth quarter. Wells Fargo & Company MN now owns 34,637 shares of the company’s stock valued at $2,217,000 after acquiring an additional 9,396 shares during the last quarter. BlackRock Inc. increased its stake in Asbury Automotive Group by 0.8% in the fourth quarter. BlackRock Inc. now owns 2,517,622 shares of the company’s stock valued at $161,128,000 after acquiring an additional 20,767 shares during the last quarter. SG Americas Securities LLC increased its stake in Asbury Automotive Group by 149.9% in the fourth quarter. SG Americas Securities LLC now owns 10,648 shares of the company’s stock valued at $681,000 after acquiring an additional 6,387 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Asbury Automotive Group by 8.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 211,375 shares of the company’s stock valued at $13,528,000 after buying an additional 15,951 shares during the last quarter. Finally, Koch Industries Inc. grew its stake in shares of Asbury Automotive Group by 29.5% during the fourth quarter. Koch Industries Inc. now owns 5,200 shares of the company’s stock valued at $333,000 after buying an additional 1,184 shares during the last quarter.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; and vehicle repair and maintenance, replacement parts, and collision repair services. The company also provides finance and insurance products, including arranging vehicle financing through third parties; and aftermarket products, such as extended service contracts, guaranteed asset protection insurance, prepaid maintenance, and credit life and disability insurance.

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