Asbury Automotive Group (NYSE:ABG) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Asbury Automotive Group (NYSE:ABG) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $95.00 price objective on the stock.

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 research analysts have also recently issued reports about the stock. Morgan Stanley increased their price target on shares of Sonic Automotive from $10.00 to $18.00 and gave the company an underweight rating in a research report on Monday, May 6th. Craig Hallum upgraded shares of Asbury Automotive Group from a hold rating to a buy rating and set a $90.00 price target on the stock in a research report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. started coverage on shares of Pinduoduo in a research report on Tuesday. They set an underweight rating and a $20.48 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $84.00.

ABG traded up $0.33 on Wednesday, reaching $84.16. The company had a trading volume of 96,988 shares, compared to its average volume of 159,445. Asbury Automotive Group has a 52-week low of $58.60 and a 52-week high of $87.16. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.33 and a current ratio of 1.15. The business has a 50 day moving average of $80.53. The stock has a market capitalization of $1.63 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 0.66 and a beta of 1.25.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.28. Asbury Automotive Group had a net margin of 2.43% and a return on equity of 36.35%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period last year, the business earned $1.93 earnings per share. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Asbury Automotive Group will post 8.97 EPS for the current fiscal year.

In other news, SVP Jed Milstein sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $78.36, for a total value of $101,868.00. Following the transaction, the senior vice president now owns 11,727 shares in the company, valued at $918,927.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eugene S. Katz sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $80.70, for a total transaction of $242,100.00. Following the completion of the transaction, the director now owns 20,122 shares in the company, valued at approximately $1,623,845.40. The disclosure for this sale can be found here. Insiders have sold 32,599 shares of company stock worth $2,589,539 over the last quarter. Company insiders own 1.36% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in shares of Asbury Automotive Group by 34.1% in the first quarter. Janney Montgomery Scott LLC now owns 28,197 shares of the company’s stock worth $1,956,000 after purchasing an additional 7,166 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in shares of Asbury Automotive Group by 356.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,657 shares of the company’s stock worth $444,000 after purchasing an additional 5,199 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Asbury Automotive Group by 147.3% in the fourth quarter. Deutsche Bank AG now owns 136,960 shares of the company’s stock worth $9,128,000 after purchasing an additional 81,581 shares during the last quarter. GAM Holding AG grew its holdings in shares of Asbury Automotive Group by 43.6% in the first quarter. GAM Holding AG now owns 10,306 shares of the company’s stock worth $715,000 after purchasing an additional 3,128 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Asbury Automotive Group by 7.2% in the fourth quarter. Citigroup Inc. now owns 15,536 shares of the company’s stock worth $1,036,000 after purchasing an additional 1,046 shares during the last quarter.

About Asbury Automotive Group

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.

Recommended Story: What are municipal bonds?

Get a free copy of the Zacks research report on Asbury Automotive Group (ABG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Asbury Automotive Group (NYSE:ABG)

Receive News & Ratings for Asbury Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Asbury Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.