Seaport Res Ptn Analysts Lower Earnings Estimates for ABG

Asbury Automotive Group, Inc. (NYSE:ABG) – Equities research analysts at Seaport Res Ptn dropped their Q3 2024 earnings estimates for shares of Asbury Automotive Group in a report issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will post earnings of $6.48 per share for the quarter, down from their previous estimate of $6.66. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $26.01 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s FY2024 earnings at $26.60 EPS.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Friday, August 2nd. The company reported $6.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.31 by ($0.91). The company had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.31 billion. Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.95 earnings per share.

A number of other equities analysts have also recently issued reports on ABG. JPMorgan Chase & Co. lifted their target price on Asbury Automotive Group from $230.00 to $265.00 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. StockNews.com downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Stephens initiated coverage on Asbury Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $216.00 target price for the company. Bank of America reduced their price objective on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, Morgan Stanley upgraded Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $190.00 to $240.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $251.20.

Asbury Automotive Group Stock Down 2.1 %

Asbury Automotive Group stock opened at $229.72 on Tuesday. Asbury Automotive Group has a 52 week low of $178.40 and a 52 week high of $277.13. The company has a current ratio of 1.25, a quick ratio of 0.45 and a debt-to-equity ratio of 1.05. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 8.37 and a beta of 1.16. The company’s 50-day moving average price is $230.11 and its two-hundred day moving average price is $231.24.

Institutional Investors Weigh In On Asbury Automotive Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Asbury Automotive Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,319,293 shares of the company’s stock valued at $521,771,000 after buying an additional 10,656 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Asbury Automotive Group by 7.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,056,825 shares of the company’s stock worth $240,818,000 after purchasing an additional 69,975 shares during the last quarter. Eminence Capital LP grew its stake in Asbury Automotive Group by 41.5% in the 2nd quarter. Eminence Capital LP now owns 498,542 shares of the company’s stock valued at $113,603,000 after purchasing an additional 146,246 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Asbury Automotive Group by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 197,765 shares of the company’s stock worth $45,065,000 after purchasing an additional 7,754 shares during the period. Finally, Magnolia Group LLC lifted its position in shares of Asbury Automotive Group by 7.8% during the second quarter. Magnolia Group LLC now owns 110,000 shares of the company’s stock worth $25,066,000 after acquiring an additional 8,000 shares in the last quarter.

Insider Buying and Selling at Asbury Automotive Group

In related news, CEO David W. Hult sold 500 shares of Asbury Automotive Group stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $227.18, for a total value of $113,590.00. Following the sale, the chief executive officer now owns 56,834 shares of the company’s stock, valued at approximately $12,911,548.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO David W. Hult sold 500 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $227.18, for a total transaction of $113,590.00. Following the transaction, the chief executive officer now owns 56,834 shares in the company, valued at approximately $12,911,548.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the transaction, the insider now directly owns 2,008,649 shares in the company, valued at $453,211,473.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

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.