Asbury Automotive Group (NYSE:ABG) Shares Gap Down – Here’s Why

Asbury Automotive Group, Inc. (NYSE:ABG)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $251.44, but opened at $242.19. Asbury Automotive Group shares last traded at $242.6570, with a volume of 81,304 shares.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ABG. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Asbury Automotive Group in a research report on Monday, December 29th. JPMorgan Chase & Co. lifted their price target on shares of Asbury Automotive Group from $230.00 to $235.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 5th. Barclays decreased their price objective on shares of Asbury Automotive Group from $275.00 to $251.00 and set an “equal weight” rating for the company in a report on Thursday, December 4th. Citigroup restated a “neutral” rating on shares of Asbury Automotive Group in a report on Thursday, September 25th. Finally, Zacks Research lowered shares of Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $250.57.

Asbury Automotive Group Stock Down 3.3%

The company’s 50-day simple moving average is $234.34 and its two-hundred day simple moving average is $240.18. The firm has a market capitalization of $4.73 billion, a P/E ratio of 8.51 and a beta of 0.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.99 and a quick ratio of 0.30.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $7.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.80 by $0.37. Asbury Automotive Group had a net margin of 3.15% and a return on equity of 15.26%. The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the previous year, the firm posted $6.35 EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts expect that Asbury Automotive Group, Inc. will post 26.28 earnings per share for the current year.

Institutional Investors Weigh In On Asbury Automotive Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Asbury Automotive Group in the second quarter worth $77,544,000. Eminence Capital LP raised its position in shares of Asbury Automotive Group by 36.0% during the 2nd quarter. Eminence Capital LP now owns 1,002,160 shares of the company’s stock valued at $239,055,000 after buying an additional 265,539 shares in the last quarter. Woodline Partners LP bought a new position in shares of Asbury Automotive Group in the 3rd quarter valued at about $32,684,000. Thrivent Financial for Lutherans lifted its holdings in shares of Asbury Automotive Group by 545.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 143,388 shares of the company’s stock valued at $35,051,000 after acquiring an additional 121,183 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Asbury Automotive Group by 261.7% in the third quarter. American Century Companies Inc. now owns 159,645 shares of the company’s stock worth $39,025,000 after acquiring an additional 115,504 shares in the last quarter.

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.