JPMorgan Chase & Co. Cuts Asbury Automotive Group (NYSE:ABG) Price Target to $220.00

Asbury Automotive Group (NYSE:ABG) had its price objective trimmed by JPMorgan Chase & Co. from $235.00 to $220.00 in a research report report published on Thursday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other research firms have also commented on ABG. Barclays boosted their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Citigroup reduced their price target on shares of Asbury Automotive Group from $260.00 to $212.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Morgan Stanley set a $220.00 price target on shares of Asbury Automotive Group in a research report on Thursday. Bank of America initiated coverage on shares of Asbury Automotive Group in a research report on Wednesday, March 4th. They issued a “buy” rating on the stock. Finally, Weiss Ratings lowered shares of Asbury Automotive Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $238.00.

Asbury Automotive Group Stock Performance

NYSE ABG opened at $199.95 on Thursday. The stock has a market cap of $3.72 billion, a P/E ratio of 7.08, a PEG ratio of 1.08 and a beta of 0.78. The company’s 50-day simple moving average is $200.72 and its 200 day simple moving average is $223.16. Asbury Automotive Group has a twelve month low of $184.61 and a twelve month high of $274.50. The company has a quick ratio of 0.35, a current ratio of 0.94 and a debt-to-equity ratio of 0.78.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings results on Tuesday, April 28th. The company reported $5.37 EPS for the quarter, missing analysts’ consensus estimates of $5.62 by ($0.25). The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.37 billion. Asbury Automotive Group had a net margin of 3.05% and a return on equity of 13.39%. Asbury Automotive Group’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the firm earned $6.82 earnings per share. As a group, research analysts forecast that Asbury Automotive Group will post 25.74 earnings per share for the current fiscal year.

Insider Activity

In related news, Director B. Christopher Disantis bought 500 shares of Asbury Automotive Group stock in a transaction dated Tuesday, March 10th. The shares were bought at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the completion of the transaction, the director owned 5,400 shares of the company’s stock, valued at approximately $1,092,420. This trade represents a 10.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.75% of the company’s stock.

Hedge Funds Weigh In On Asbury Automotive Group

Large investors have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Asbury Automotive Group by 631.4% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 7,036 shares of the company’s stock worth $1,720,000 after purchasing an additional 6,074 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Asbury Automotive Group by 1,570.2% during the fourth quarter. SG Americas Securities LLC now owns 9,086 shares of the company’s stock worth $2,113,000 after purchasing an additional 8,542 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Asbury Automotive Group by 261.7% during the third quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock worth $39,025,000 after purchasing an additional 115,504 shares in the last quarter. Magnolia Group LLC lifted its position in shares of Asbury Automotive Group by 18.7% during the third quarter. Magnolia Group LLC now owns 282,623 shares of the company’s stock worth $69,087,000 after purchasing an additional 44,500 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its position in shares of Asbury Automotive Group by 14.4% during the third quarter. Public Sector Pension Investment Board now owns 76,656 shares of the company’s stock worth $18,739,000 after purchasing an additional 9,632 shares in the last quarter.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc (NYSE:ABG) is one of the largest automotive retailers in the United States. Headquartered in Duluth, Georgia, the company operates a network of franchised dealerships representing a diverse portfolio of automotive brands. Its core business activities include the sale of new and pre-owned vehicles, as well as the provision of vehicle finance, insurance and protection products to retail customers.

In addition to retail sales, Asbury offers a comprehensive suite of after-sales services, from scheduled maintenance and certified collision repair to parts distribution.