Asbury Automotive Group (NYSE:ABG) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Asbury Automotive Group (NYSE:ABG) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

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 boosted their price objective on shares of Asbury Automotive Group from $90.00 to $110.00 and gave the stock a buy rating in a research note on Monday, July 29th. Bank of America cut shares of Asbury Automotive Group from a buy rating to a neutral rating in a research note on Friday, September 13th. JPMorgan Chase & Co. reduced their price objective on shares of Asbury Automotive Group from $100.00 to $99.00 and set a neutral rating on the stock in a research note on Wednesday, October 23rd. Morgan Stanley boosted their price objective on shares of Asbury Automotive Group from $86.00 to $95.00 and gave the stock an equal weight rating in a research note on Friday, August 2nd. Finally, ValuEngine raised shares of Asbury Automotive Group from a sell rating to a hold rating in a research note on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $111.00.

Shares of NYSE:ABG opened at $110.00 on Wednesday. The company has a fifty day moving average of $102.88 and a 200-day moving average of $90.56. The company has a market capitalization of $2.10 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 0.82 and a beta of 1.22. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.34 and a current ratio of 1.17. Asbury Automotive Group has a 52-week low of $61.47 and a 52-week high of $111.71.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. Asbury Automotive Group had a net margin of 2.55% and a return on equity of 33.14%. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the firm posted $2.21 earnings per share. Asbury Automotive Group’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts forecast that Asbury Automotive Group will post 9.26 EPS for the current fiscal year.

In related news, Director Thomas C. Deloach, Jr. sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $91.00, for a total value of $182,000.00. Following the sale, the director now owns 15,703 shares of the company’s stock, valued at $1,428,973. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.36% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. boosted its position in Asbury Automotive Group by 0.3% during the second quarter. Victory Capital Management Inc. now owns 1,424,447 shares of the company’s stock valued at $120,138,000 after acquiring an additional 4,589 shares during the last quarter. Macquarie Group Ltd. boosted its position in Asbury Automotive Group by 0.7% during the second quarter. Macquarie Group Ltd. now owns 431,459 shares of the company’s stock valued at $36,389,000 after acquiring an additional 2,797 shares during the last quarter. UBS Group AG boosted its position in Asbury Automotive Group by 6.2% during the second quarter. UBS Group AG now owns 388,981 shares of the company’s stock valued at $32,807,000 after acquiring an additional 22,644 shares during the last quarter. Northern Trust Corp boosted its position in Asbury Automotive Group by 0.8% during the second quarter. Northern Trust Corp now owns 287,411 shares of the company’s stock valued at $24,240,000 after acquiring an additional 2,158 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Asbury Automotive Group by 8.2% during the second quarter. Bank of New York Mellon Corp now owns 281,659 shares of the company’s stock valued at $23,756,000 after acquiring an additional 21,337 shares during the last quarter.

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.

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