Asbury Automotive Group (NYSE:ABG) Posts Quarterly Earnings Results, Misses Expectations By $0.23 EPS

Asbury Automotive Group (NYSE:ABG) issued its quarterly earnings results on Tuesday. The company reported $6.35 earnings per share for the quarter, missing the consensus estimate of $6.58 by ($0.23), Briefing.com reports. 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 17.93% and a net margin of 2.51%. Asbury Automotive Group’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned $8.12 earnings per share.

Asbury Automotive Group Stock Performance

Shares of NYSE:ABG opened at $233.03 on Thursday. The firm has a fifty day simple moving average of $229.88 and a two-hundred day simple moving average of $231.40. The company has a quick ratio of 0.45, a current ratio of 1.25 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $4.70 billion, a P/E ratio of 8.49 and a beta of 1.16. Asbury Automotive Group has a 52 week low of $186.29 and a 52 week high of $277.13.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $190.00 to $240.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price target 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. Craig Hallum raised their price objective on Asbury Automotive Group from $240.00 to $260.00 and gave the company a “hold” rating in a research report on Wednesday. Stephens started coverage on 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. Finally, StockNews.com downgraded Asbury Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $257.20.

Insider Activity at Asbury Automotive Group

In related news, major shareholder Impactive Capital Lp sold 8,353 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $225.63, for a total transaction of $1,884,687.39. Following the sale, the insider now 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO David W. Hult sold 500 shares of the company’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 value of $113,590.00. Following the completion of the sale, the chief executive officer now owns 56,834 shares of the company’s stock, valued at approximately $12,911,548.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Impactive Capital Lp sold 8,353 shares of the company’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 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 disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

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.