Asbury Automotive Group (ABG) Lifted 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 research report issued on Friday. The firm presently has a $77.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.65% from the company’s current price.

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. “

Other equities research analysts also recently issued reports about the company. Morgan Stanley boosted their price target on Asbury Automotive Group from $71.00 to $81.00 and gave the company a “sell” rating in a report on Wednesday, November 14th. SunTrust Banks lowered their target price on Asbury Automotive Group to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, October 24th. ValuEngine upgraded Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 23rd. Finally, Buckingham Research increased their target price on Asbury Automotive Group from $70.00 to $74.00 and gave the company a “hold” rating in a research note on Wednesday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $73.80.

Shares of NYSE:ABG traded up $0.63 during trading on Friday, hitting $69.59. 15,668 shares of the company were exchanged, compared to its average volume of 228,910. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.36 and a current ratio of 1.21. Asbury Automotive Group has a 1-year low of $58.60 and a 1-year high of $77.75. The company has a market capitalization of $1.38 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 0.53 and a beta of 1.29.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, October 23rd. The company reported $2.21 EPS for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.33. Asbury Automotive Group had a net margin of 2.52% and a return on equity of 37.83%. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the firm posted $1.48 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that Asbury Automotive Group will post 8.29 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of ABG. Sei Investments Co. boosted its stake in shares of Asbury Automotive Group by 1,869.7% during the 2nd quarter. Sei Investments Co. now owns 2,994 shares of the company’s stock valued at $206,000 after purchasing an additional 2,842 shares in the last quarter. First Hawaiian Bank purchased a new position in Asbury Automotive Group in the third quarter worth about $273,000. Rafferty Asset Management LLC purchased a new position in Asbury Automotive Group in the third quarter worth about $278,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Asbury Automotive Group by 25.1% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,859 shares of the company’s stock worth $334,000 after buying an additional 975 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in Asbury Automotive Group in the second quarter worth about $415,000.

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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