What is Seaport Res Ptn’s Estimate for ABG FY2024 Earnings?

Asbury Automotive Group, Inc. (NYSE:ABG) – Research analysts at Seaport Res Ptn dropped their FY2024 earnings per share estimates for shares of Asbury Automotive Group in a research report issued on Thursday, January 16th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings per share of $25.97 for the year, down from their prior estimate of $26.14. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $25.17 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s Q4 2024 earnings at $6.01 EPS.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, October 29th. The company reported $6.35 earnings per share for the quarter, missing the consensus estimate of $6.58 by ($0.23). The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.30 billion. Asbury Automotive Group had a net margin of 2.16% and a return on equity of 16.51%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.12 earnings per share.

Several other brokerages have also recently commented on ABG. Morgan Stanley raised shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $190.00 to $240.00 in a research report on Wednesday, September 25th. StockNews.com upgraded Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Craig Hallum boosted their target price on Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Bank of America dropped their target price on shares of Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. cut their target price on Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating on the stock in a research report on Friday. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $255.20.

Asbury Automotive Group Price Performance

ABG opened at $244.72 on Monday. The stock’s 50-day moving average price is $251.88 and its 200 day moving average price is $240.86. Asbury Automotive Group has a 12-month low of $195.09 and a 12-month high of $277.13. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 13.85 and a beta of 1.19. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On Asbury Automotive Group

Several institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC purchased a new stake in shares of Asbury Automotive Group in the third quarter worth about $804,000. Bridges Investment Management Inc. purchased a new stake in Asbury Automotive Group during the 2nd quarter worth approximately $760,000. Intech Investment Management LLC purchased a new position in shares of Asbury Automotive Group during the 3rd quarter valued at approximately $1,223,000. International Assets Investment Management LLC bought a new stake in shares of Asbury Automotive Group in the third quarter worth $154,270,000. Finally, Edgestream Partners L.P. acquired a new position in Asbury Automotive Group during the 3rd quarter worth $2,393,000.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc, together with its subsidiaries, 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 services, replacement parts, and collision repair services.