Asbury Automotive Group (NYSE:ABG) Reaches New 12-Month High – Here’s What Happened

Asbury Automotive Group, Inc. (NYSE:ABG) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $312.56 and last traded at $304.66, with a volume of 888621 shares changing hands. The stock had previously closed at $274.31.

Wall Street Analyst Weigh In

A number of analysts have commented on ABG shares. Bank of America reduced their target price on shares of Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a report on Monday, October 14th. Craig Hallum raised their target price on Asbury Automotive Group from $240.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price objective on Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. StockNews.com raised shares of Asbury Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Seaport Res Ptn cut Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.20.

Asbury Automotive Group Stock Performance

The firm’s 50 day simple moving average is $253.45 and its 200 day simple moving average is $242.95. The firm has a market cap of $5.97 billion, a PE ratio of 17.24 and a beta of 1.19. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98.

Asbury Automotive Group (NYSE:ABG) last posted its earnings results on Tuesday, October 29th. The company reported $6.35 EPS for the quarter, missing analysts’ consensus estimates of $6.58 by ($0.23). The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.30 billion. Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%. Asbury Automotive Group’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.12 earnings per share. On average, research analysts forecast that Asbury Automotive Group, Inc. will post 25.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SkyView Investment Advisors LLC increased its holdings in shares of Asbury Automotive Group by 2.4% in the 3rd quarter. SkyView Investment Advisors LLC now owns 2,119 shares of the company’s stock worth $506,000 after buying an additional 50 shares during the last quarter. HighTower Advisors LLC increased its stake in Asbury Automotive Group by 3.2% during the third quarter. HighTower Advisors LLC now owns 1,720 shares of the company’s stock worth $409,000 after acquiring an additional 53 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in Asbury Automotive Group by 3.2% during the third quarter. OneDigital Investment Advisors LLC now owns 1,843 shares of the company’s stock worth $440,000 after acquiring an additional 57 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its position in Asbury Automotive Group by 2.3% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,023 shares of the company’s stock valued at $978,000 after purchasing an additional 92 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Asbury Automotive Group by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,804 shares of the company’s stock valued at $2,690,000 after purchasing an additional 99 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.