Asbury Automotive Group (NYSE:ABG) Shares Gap Up Following Earnings Beat

Shares of Asbury Automotive Group, Inc. (NYSE:ABG) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $274.31, but opened at $300.02. Asbury Automotive Group shares last traded at $301.85, with a volume of 14,752 shares changing hands.

The company reported $6.35 EPS for the quarter, missing the consensus estimate of $6.58 by ($0.23). The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.30 billion. Asbury Automotive Group had a net margin of 2.16% and a return on equity of 16.51%. Asbury Automotive Group’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $8.12 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABG shares. Craig Hallum lifted 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. Bank of America cut their price objective 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. JPMorgan Chase & Co. lowered their target price on shares of Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. StockNews.com upgraded Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Seaport Res Ptn lowered Asbury Automotive Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $255.20.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new position in shares of Asbury Automotive Group in the 3rd quarter valued at $31,000. Quarry LP acquired a new stake in Asbury Automotive Group in the second quarter valued at about $38,000. GAMMA Investing LLC grew its position in Asbury Automotive Group by 34.6% in the third quarter. GAMMA Investing LLC now owns 393 shares of the company’s stock valued at $94,000 after acquiring an additional 101 shares during the last quarter. KBC Group NV raised its stake in Asbury Automotive Group by 52.3% during the fourth quarter. KBC Group NV now owns 769 shares of the company’s stock worth $187,000 after acquiring an additional 264 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Asbury Automotive Group by 17.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 839 shares of the company’s stock worth $204,000 after acquiring an additional 123 shares during the last quarter.

Asbury Automotive Group Trading Down 3.0 %

The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 16.79 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. The business’s 50 day moving average price is $254.15 and its two-hundred day moving average price is $243.28.

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.