Asbury Automotive Group (NYSE:ABG) Issues Quarterly Earnings Results

by · The Markets Daily

Asbury Automotive Group (NYSE:ABG – Get Free Report) released its earnings results on Tuesday. The company reported $6.35 earnings per share for the quarter, missing the consensus estimate of $6.58 by ($0.23), Briefing.com reports. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.30 billion. Asbury Automotive Group had a return on equity of 17.93% and a net margin of 2.51%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.12 earnings per share.

Asbury Automotive Group Stock Performance

Asbury Automotive Group stock traded up $3.52 during mid-day trading on Wednesday, reaching $234.94. The company’s stock had a trading volume of 48,080 shares, compared to its average volume of 184,419. Asbury Automotive Group has a 12-month low of $186.29 and a 12-month high of $277.13. The firm’s fifty day moving average price is $229.88 and its two-hundred day moving average price is $231.40. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.45 and a current ratio of 1.25. The company has a market capitalization of $4.74 billion, a P/E ratio of 8.58 and a beta of 1.16.

Insider Buying and Selling at Asbury Automotive Group

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ABG shares. StockNews.com downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Morgan Stanley raised Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $190.00 to $240.00 in a research note on Wednesday, September 25th. Bank of America dropped their price objective on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. JPMorgan Chase & Co. upped their target price on Asbury Automotive Group from $230.00 to $265.00 and gave the company a “neutral” rating in a research report on Tuesday, September 10th. Finally, Stephens started coverage on Asbury Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $257.20.

Read Our Latest Stock Report on ABG

Asbury Automotive Group Company Profile

(Get Free Report)

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.

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