Seaport Res Ptn Issues Negative Forecast for ABG Earnings

Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) - Research analysts at Seaport Res Ptn dropped their Q3 2024 earnings per share estimates for shares of Asbury Automotive Group in a research note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will post earnings of $6.48 per share for the quarter, down from their prior estimate of $6.66. The consensus estimate for Asbury Automotive Group's current full-year earnings is $26.01 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group's FY2024 earnings at $26.60 EPS.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The company reported $6.40 earnings per share for the quarter, missing analysts' consensus estimates of $7.31 by ($0.91). Asbury Automotive Group had a net margin of 2.51% and a return on equity of 17.93%. The company had revenue of $4.20 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same period last year, the company posted $8.95 EPS. The business's revenue for the quarter was up 17.3% compared to the same quarter last year.

A number of other research firms have also weighed in on ABG. Morgan Stanley upgraded shares of Asbury Automotive Group from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. StockNews.com lowered Asbury Automotive Group from a "hold" rating to a "sell" rating in a research report on Monday, August 12th. JPMorgan Chase & Co. upped their target price on Asbury Automotive Group from $230.00 to $265.00 and gave the company a "neutral" rating in a report on Tuesday, September 10th. Stephens assumed coverage on shares of Asbury Automotive Group in a report on Thursday, September 12th. They issued an "equal weight" rating and a $216.00 price target on the stock. Finally, Bank of America reduced their price objective on shares of Asbury Automotive Group from $310.00 to $305.00 and set a "buy" rating on the stock in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $251.20.

Asbury Automotive Group Trading Down 1.8 %

ABG traded down $4.05 during trading on Tuesday, hitting $225.92. 115,616 shares of the stock traded hands, compared to its average volume of 180,525. The firm has a market capitalization of $4.56 billion, a P/E ratio of 8.23 and a beta of 1.16. Asbury Automotive Group has a 12-month low of $178.40 and a 12-month high of $277.13. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.25 and a quick ratio of 0.45. The firm has a 50-day moving average of $230.03 and a 200 day moving average of $231.25.

Insiders Place Their Bets

In related news, major shareholder Impactive Capital Lp sold 8,353 shares of Asbury Automotive Group stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the completion of the transaction, the insider now directly owns 2,008,649 shares of the company's stock, valued at $453,211,473.87. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Asbury Automotive Group news, CEO David W. Hult sold 500 shares of the business's stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $227.18, for a total value of $113,590.00. Following the sale, the chief executive officer now directly owns 56,834 shares of the company's stock, valued at approximately $12,911,548.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the firm's stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $225.63, for a total value of $1,884,687.39. Following the transaction, the insider now owns 2,008,649 shares of the company's stock, valued at $453,211,473.87. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asbury Automotive Group

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System lifted its position in Asbury Automotive Group by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 5,141 shares of the company's stock valued at $1,171,000 after acquiring an additional 51 shares in the last quarter. Oak Associates Ltd. OH boosted its position in shares of Asbury Automotive Group by 1.4% during the second quarter. Oak Associates Ltd. OH now owns 3,648 shares of the company's stock valued at $831,000 after buying an additional 51 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Asbury Automotive Group by 0.5% in the 1st quarter. Janus Henderson Group PLC now owns 10,980 shares of the company's stock worth $2,588,000 after buying an additional 60 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in Asbury Automotive Group by 0.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 24,680 shares of the company's stock worth $5,819,000 after buying an additional 62 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its position in Asbury Automotive Group by 2.2% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,030 shares of the company's stock worth $690,000 after buying an additional 66 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.