Asbury Automotive Group (NYSE:ABG) Shares Gap Up Following Better-Than-Expected Earnings

Asbury Automotive Group, Inc. (NYSE:ABG)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 traded.

The company reported $7.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.04 by $1.22. Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. acquired a new stake in Asbury Automotive Group in the 3rd quarter valued at $31,000. Quarry LP acquired a new stake in shares of Asbury Automotive Group in the second quarter valued at approximately $38,000. GAMMA Investing LLC boosted its stake in shares of Asbury Automotive Group by 34.6% during the 3rd quarter. GAMMA Investing LLC now owns 393 shares of the company’s stock worth $94,000 after acquiring an additional 101 shares during the period. KBC Group NV increased its holdings in shares of Asbury Automotive Group by 52.3% during the 4th quarter. KBC Group NV now owns 769 shares of the company’s stock worth $187,000 after acquiring an additional 264 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Asbury Automotive Group by 17.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 839 shares of the company’s stock valued at $204,000 after acquiring an additional 123 shares during the period.

Asbury Automotive Group Stock Up 7.0 %

The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 16.72 and a beta of 1.19. The firm has a fifty day simple moving average of $252.52 and a 200-day simple moving average of $242.52. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 1.20.

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.