What is Seaport Res Ptn’s Forecast for ABG FY2024 Earnings?

Asbury Automotive Group, Inc. (NYSE:ABG) – Seaport Res Ptn decreased their FY2024 earnings per share (EPS) estimates for shares of Asbury Automotive Group in a report released on Thursday, January 16th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings of $25.97 per share for the year, down from their prior forecast of $26.14. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $25.17 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s Q4 2024 earnings at $6.01 EPS.

Several other research firms have also commented on ABG. Bank of America reduced 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 report on Monday, October 14th. Morgan Stanley upgraded Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. Craig Hallum raised 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 target on Asbury Automotive Group from $260.00 to $255.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, StockNews.com upgraded Asbury Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $255.20.

Asbury Automotive Group Price Performance

Asbury Automotive Group stock opened at $244.72 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.20 and a quick ratio of 0.41. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of 13.85 and a beta of 1.19. The firm has a 50-day moving average of $251.46 and a two-hundred day moving average of $240.99. Asbury Automotive Group has a 1 year low of $195.09 and a 1 year high of $277.13.

Asbury Automotive Group (NYSE:ABG) last issued its earnings results on Tuesday, October 29th. The company reported $6.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.58 by ($0.23). The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Asbury Automotive Group had a net margin of 2.16% and a return on equity of 16.51%. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.12 earnings per share.

Institutional Investors Weigh In On Asbury Automotive Group

Hedge funds have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Asbury Automotive Group by 0.5% in the third quarter. State Street Corp now owns 801,391 shares of the company’s stock valued at $191,204,000 after buying an additional 3,672 shares during the last quarter. Eminence Capital LP increased its position in shares of Asbury Automotive Group by 41.5% during the 2nd quarter. Eminence Capital LP now owns 498,542 shares of the company’s stock worth $113,603,000 after purchasing an additional 146,246 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Asbury Automotive Group by 366.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 189,586 shares of the company’s stock valued at $45,233,000 after purchasing an additional 148,910 shares during the last quarter. Natixis Advisors LLC acquired a new position in Asbury Automotive Group during the 3rd quarter worth about $26,573,000. Finally, GCM Grosvenor Holdings LLC boosted its stake in shares of Asbury Automotive Group by 250.8% in the second quarter. GCM Grosvenor Holdings LLC now owns 73,000 shares of the company’s stock valued at $16,635,000 after purchasing an additional 52,191 shares during the period.

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.