Asbury Automotive Group (NYSE:ABG) Sets New 1-Year Low – Here’s What Happened

Asbury Automotive Group, Inc. (NYSE:ABG)’s share price hit a new 52-week low during trading on Friday . The stock traded as low as $195.11 and last traded at $195.0740, with a volume of 147879 shares changing hands. The stock had previously closed at $196.69.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Asbury Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 23rd. Barclays dropped their price objective on shares of Asbury Automotive Group from $250.00 to $230.00 and set a “reduce” rating on the stock in a research note on Friday, February 6th. Bank of America began coverage on shares of Asbury Automotive Group in a report on Wednesday, March 4th. They issued a “buy” rating on the stock. Finally, Morgan Stanley set a $230.00 target price on shares of Asbury Automotive Group in a research note on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of “Hold” and an average target price of $247.57.

Asbury Automotive Group Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.35 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.78 billion, a P/E ratio of 7.83 and a beta of 0.81. The business’s 50 day simple moving average is $230.10 and its two-hundred day simple moving average is $236.43.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Thursday, February 5th. The company reported $6.67 EPS for the quarter, missing analysts’ consensus estimates of $6.70 by ($0.03). The firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.93 billion. Asbury Automotive Group had a net margin of 2.73% and a return on equity of 14.51%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.26 EPS. Sell-side analysts anticipate that Asbury Automotive Group, Inc. will post 26.28 EPS for the current fiscal year.

Insider Activity at Asbury Automotive Group

In other Asbury Automotive Group news, Director B. Christopher Disantis acquired 500 shares of Asbury Automotive Group stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average cost of $202.30 per share, for a total transaction of $101,150.00. Following the acquisition, the director owned 5,400 shares of the company’s stock, valued at $1,092,420. This represents a 10.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.59% of the stock is owned by company insiders.

Institutional Trading of Asbury Automotive Group

A number of large investors have recently made changes to their positions in ABG. Abrams Capital Management L.P. lifted its position in Asbury Automotive Group by 2.2% during the third quarter. Abrams Capital Management L.P. now owns 2,155,492 shares of the company’s stock valued at $526,910,000 after purchasing an additional 46,952 shares during the period. Dimensional Fund Advisors LP grew its position in Asbury Automotive Group by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,122,322 shares of the company’s stock worth $260,980,000 after purchasing an additional 18,154 shares during the period. Eminence Capital LP grew its position in Asbury Automotive Group by 36.0% in the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock worth $239,055,000 after purchasing an additional 265,539 shares during the period. State Street Corp raised its stake in Asbury Automotive Group by 1.2% during the 4th quarter. State Street Corp now owns 781,228 shares of the company’s stock valued at $181,659,000 after buying an additional 9,535 shares during the last quarter. Finally, Timucuan Asset Management Inc. FL lifted its holdings in shares of Asbury Automotive Group by 1.5% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 724,082 shares of the company’s stock valued at $172,723,000 after buying an additional 10,924 shares during the period.

About Asbury Automotive Group

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.