Seaport Res Ptn Issues Negative Forecast for ABG Earnings

Asbury Automotive Group, Inc. (NYSE:ABG) – Research analysts at Seaport Res Ptn cut their Q3 2024 earnings estimates for shares of Asbury Automotive Group in a note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings of $6.48 per share for the quarter, down from their previous 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) last issued its earnings results on Friday, August 2nd. The company reported $6.40 earnings per share for the quarter, missing the consensus estimate of $7.31 by ($0.91). Asbury Automotive Group had a return on equity of 17.93% and a net margin of 2.51%. The business had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the business posted $8.95 EPS. Asbury Automotive Group’s revenue was up 17.3% on a year-over-year basis.

Other equities analysts have also issued reports about the stock. Stephens began coverage on shares of Asbury Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $216.00 target price on the stock. Morgan Stanley raised Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. increased their price objective on Asbury Automotive Group from $230.00 to $265.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 10th. Bank of America cut their price target on Asbury Automotive Group from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, StockNews.com downgraded shares of Asbury Automotive Group from a “hold” rating to a “sell” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Asbury Automotive Group presently has an average rating of “Hold” and an average target price of $251.20.

Asbury Automotive Group Stock Down 2.1 %

Shares of NYSE ABG opened at $229.72 on Tuesday. The company has a quick ratio of 0.45, a current ratio of 1.25 and a debt-to-equity ratio of 1.05. Asbury Automotive Group has a 52-week low of $178.40 and a 52-week high of $277.13. The business has a 50-day moving average price of $230.11 and a 200 day moving average price of $231.24. The stock has a market cap of $4.63 billion, a PE ratio of 8.37 and a beta of 1.16.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ABG. BNP Paribas Financial Markets lifted its position in Asbury Automotive Group by 26.4% during the first quarter. BNP Paribas Financial Markets now owns 20,221 shares of the company’s stock valued at $4,768,000 after buying an additional 4,224 shares in the last quarter. Foundry Partners LLC boosted its position in shares of Asbury Automotive Group by 11.7% in the first quarter. Foundry Partners LLC now owns 21,040 shares of the company’s stock worth $4,961,000 after buying an additional 2,198 shares during the period. Natixis acquired a new stake in shares of Asbury Automotive Group in the first quarter valued at about $896,000. Boston Partners acquired a new position in Asbury Automotive Group during the 1st quarter worth approximately $878,000. Finally, Tidal Investments LLC purchased a new position in Asbury Automotive Group in the 1st quarter worth approximately $537,000.

Insider Buying and Selling

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

Asbury Automotive Group Company Profile

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.