Seaport Res Ptn Has Negative Outlook for ABG FY2024 Earnings

Asbury Automotive Group, Inc. (NYSE:ABG) – Equities research analysts at Seaport Res Ptn reduced their FY2024 earnings estimates for Asbury Automotive Group in a research note issued on Monday, November 11th. Seaport Res Ptn analyst G. Chin now expects that the company will earn $26.14 per share for the year, down from their previous estimate of $26.60. Seaport Res Ptn currently has a “Hold” rating on the stock. The consensus estimate for Asbury Automotive Group’s current full-year earnings is $25.37 per share. Seaport Res Ptn also issued estimates for Asbury Automotive Group’s FY2025 earnings at $25.45 EPS.

Asbury Automotive Group (NYSE:ABG) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $6.35 earnings per share for the quarter, missing analysts’ consensus estimates of $6.58 by ($0.23). The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Asbury Automotive Group had a return on equity of 16.51% and a net margin of 2.16%. The company’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 company earned $8.12 EPS.

A number of other research firms also recently commented on ABG. JPMorgan Chase & Co. dropped their price objective on shares of Asbury Automotive Group from $265.00 to $260.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. 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. Craig Hallum lifted 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. Morgan Stanley upgraded Asbury Automotive Group from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $190.00 to $240.00 in a report on Wednesday, September 25th. Finally, StockNews.com raised Asbury Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Asbury Automotive Group currently has an average rating of “Hold” and an average price target of $256.20.

Asbury Automotive Group Stock Performance

NYSE ABG opened at $264.89 on Wednesday. The business’s 50-day moving average price is $231.86 and its 200 day moving average price is $233.74. The company has a current ratio of 1.20, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98. Asbury Automotive Group has a twelve month low of $195.09 and a twelve month high of $277.13. The company has a market capitalization of $5.19 billion, a PE ratio of 14.99 and a beta of 1.16.

Institutional Investors Weigh In On Asbury Automotive Group

Several institutional investors have recently bought and sold shares of ABG. Assenagon Asset Management S.A. raised its stake in shares of 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 acquiring an additional 148,910 shares during the period. Eminence Capital LP raised its position in Asbury Automotive Group by 41.5% in the second quarter. Eminence Capital LP now owns 498,542 shares of the company’s stock valued at $113,603,000 after purchasing an additional 146,246 shares during the period. Natixis Advisors LLC acquired a new position in shares of Asbury Automotive Group during the third quarter worth about $26,573,000. Dimensional Fund Advisors LP boosted its position in shares of Asbury Automotive Group by 7.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,056,825 shares of the company’s stock worth $240,818,000 after buying an additional 69,975 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Asbury Automotive Group in the third quarter valued at about $154,270,000.

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.