Asbury Automotive Group (NYSE:ABG) Price Target Raised to $200.00

Asbury Automotive Group (NYSE:ABG) had its target price boosted by Morgan Stanley from $184.00 to $200.00 in a report released on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other analysts also recently commented on ABG. Bank of America reissued a “buy” rating and set a $232.00 price objective on shares of Asbury Automotive Group in a report on Wednesday, October 28th. JPMorgan Chase & Co. dropped their target price on shares of Asbury Automotive Group from $190.00 to $185.00 and set an “underweight” rating for the company in a report on Tuesday, October 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Asbury Automotive Group in a research report on Thursday, October 22nd. Citigroup boosted their price target on Asbury Automotive Group from $212.00 to $250.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Finally, Seaport Research Partners raised Asbury Automotive Group from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday, September 8th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $222.88.

Asbury Automotive Group Stock Performance

Shares of ABG stock opened at $207.69 on Monday. The firm has a 50 day moving average of $188.05 and a two-hundred day moving average of $202.79. The stock has a market capitalization of $3.73 billion, a PE ratio of 8.25, a P/E/G ratio of 1.49 and a beta of 0.78. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 0.73. Asbury Automotive Group has a 52 week low of $160.30 and a 52 week high of $258.74.

Asbury Automotive Group (NYSE:ABG) last released its earnings results on Tuesday, October 27th. The company reported $6.16 earnings per share for the quarter, missing analysts’ consensus estimates of $6.42 by ($0.26). Asbury Automotive Group had a return on equity of 11.85% and a net margin of 2.66%. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.51 billion. During the same quarter in the previous year, the company posted $7.17 earnings per share. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. On average, research analysts predict that Asbury Automotive Group will post 24.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. GW&K Investment Management LLC increased its position in shares of Asbury Automotive Group by 3.0% in the third quarter. GW&K Investment Management LLC now owns 139,041 shares of the company’s stock worth $23,958,000 after acquiring an additional 4,010 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Asbury Automotive Group during the 3rd quarter worth $1,461,000. Global Retirement Partners LLC increased its holdings in Asbury Automotive Group by 174.1% in the 3rd quarter. Global Retirement Partners LLC now owns 466 shares of the company’s stock valued at $80,000 after purchasing an additional 296 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Asbury Automotive Group in the 3rd quarter valued at $2,782,000. Finally, Russell Investments Group Ltd. raised its position in Asbury Automotive Group by 82.5% in the third quarter. Russell Investments Group Ltd. now owns 31,466 shares of the company’s stock valued at $5,423,000 after purchasing an additional 14,223 shares during the period.

About Asbury Automotive Group

Asbury Automotive Group is a U.S. automotive retailer that operates franchised new- and used-vehicle dealerships. Its dealerships sell vehicles from a range of manufacturers and offer related services, including vehicle financing and insurance products, maintenance and repairs, parts sales, and collision repair. The company also operates Clicklane, a digital platform that lets customers research, purchase, finance, and arrange delivery of vehicles online. Asbury was founded in 1995 and has expanded through acquisitions, including its 2021 purchase of Larry H. Miller Dealerships.