Seaport Res Ptn Has Bullish Forecast for ABG Q4 Earnings

Asbury Automotive Group, Inc. (NYSE:ABG - Free Report) - Research analysts at Seaport Res Ptn upped their Q4 2024 EPS estimates for shares of Asbury Automotive Group in a note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will post earnings of $6.52 per share for the quarter, up from their previous forecast of $6.50. 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 FY2025 earnings at $26.62 EPS.

Asbury Automotive Group (NYSE:ABG - Get Free Report) last issued its earnings results on Friday, August 2nd. The company reported $6.40 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $4.31 billion. During the same quarter 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 equities research analysts also recently issued reports 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 research report on Wednesday, September 25th. StockNews.com cut shares of Asbury Automotive Group from a "hold" rating to a "sell" rating in a research report on Monday, August 12th. Stephens started coverage on shares of Asbury Automotive Group in a report on Thursday, September 12th. They set an "equal weight" rating and a $216.00 price objective for the company. Bank of America cut their price target on shares of Asbury Automotive Group from $310.00 to $305.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their target price on shares of Asbury Automotive Group from $230.00 to $265.00 and gave the stock a "neutral" rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Asbury Automotive Group presently has a consensus rating of "Hold" and an average price target of $251.20.

Asbury Automotive Group Price Performance

ABG stock traded up $3.79 on Wednesday, hitting $229.69. 112,682 shares of the company's stock traded hands, compared to its average volume of 180,195. Asbury Automotive Group has a 1-year low of $178.40 and a 1-year high of $277.13. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 8.37 and a beta of 1.16. The stock has a fifty day moving average of $230.16 and a 200-day moving average of $231.24. The company has a current ratio of 1.25, a quick ratio of 0.45 and a debt-to-equity ratio of 1.05.

Insider Buying and Selling

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

Institutional Investors Weigh In On Asbury Automotive Group

Several hedge funds have recently made changes to their positions in ABG. Vanguard Group Inc. increased its position in Asbury Automotive Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,319,293 shares of the company's stock valued at $521,771,000 after buying an additional 10,656 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Asbury Automotive Group by 7.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,056,825 shares of the company's stock valued at $240,818,000 after purchasing an additional 69,975 shares during the period. Eminence Capital LP grew its holdings in Asbury Automotive Group by 41.5% in the second quarter. Eminence Capital LP now owns 498,542 shares of the company's stock valued at $113,603,000 after purchasing an additional 146,246 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Asbury Automotive Group by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 197,765 shares of the company's stock worth $45,065,000 after acquiring an additional 7,754 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Asbury Automotive Group by 366.1% in the third quarter. Assenagon Asset Management S.A. now owns 189,586 shares of the company's stock worth $45,233,000 after acquiring an additional 148,910 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.