Asbury Automotive Group (NYSE:ABG) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Asbury Automotive Group, Inc. (NYSE:ABG)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $203.78 and traded as high as $210.61. Asbury Automotive Group shares last traded at $209.5860, with a volume of 378,786 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays reduced their target price on shares of Asbury Automotive Group from $230.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Asbury Automotive Group in a research note on Thursday, October 22nd. Zacks Research cut Asbury Automotive Group from a “hold” rating to a “strong sell” rating in a report on Friday, October 16th. Morgan Stanley cut their price target on Asbury Automotive Group from $230.00 to $184.00 and set an “equal weight” rating for the company in a report on Monday, October 5th. Finally, Seaport Research Partners upgraded Asbury Automotive Group from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a research report on Tuesday, September 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $220.88.

Asbury Automotive Group Stock Performance

The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.29 and a current ratio of 0.91. The firm’s 50-day moving average price is $188.22 and its two-hundred day moving average price is $203.37. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 1.48 and a beta of 0.78.

Asbury Automotive Group (NYSE:ABG) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $6.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.42 by ($0.26). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.51 billion. Asbury Automotive Group had a return on equity of 11.85% and a net margin of 2.66%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period last year, the company earned $7.17 EPS. Sell-side analysts predict that Asbury Automotive Group, Inc. will post 24.92 earnings per share for the current year.

Hedge Funds Weigh In On Asbury Automotive Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cim Investment Management Inc. lifted its position in Asbury Automotive Group by 7.3% during the 2nd quarter. Cim Investment Management Inc. now owns 1,167 shares of the company’s stock worth $235,000 after buying an additional 79 shares in the last quarter. Abel Hall LLC raised its stake in shares of Asbury Automotive Group by 9.0% in the first quarter. Abel Hall LLC now owns 1,222 shares of the company’s stock worth $239,000 after acquiring an additional 101 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Asbury Automotive Group by 20.2% during the third quarter. GAMMA Investing LLC now owns 642 shares of the company’s stock worth $111,000 after purchasing an additional 108 shares in the last quarter. Allworth Financial LP lifted its position in shares of Asbury Automotive Group by 263.3% during the second quarter. Allworth Financial LP now owns 178 shares of the company’s stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Asbury Automotive Group by 42.4% during the third quarter. Versant Capital Management Inc now owns 534 shares of the company’s stock valued at $92,000 after purchasing an additional 159 shares during the last quarter.

Asbury Automotive Group Company Profile

Asbury Automotive Group, Inc is a U.S.-based automotive retailer that operates franchised and independent dealerships. Its dealerships sell new and used vehicles from a range of domestic, import and luxury automobile brands, and provide related services throughout the vehicle ownership cycle.

The company’s operations include automotive repair and maintenance, parts and accessories, collision repair, vehicle financing and insurance products, and other dealership services. Asbury also supports vehicle sales and service through digital retailing and online customer tools.

Founded in 1995, Asbury has expanded through acquisitions and serves customers across multiple markets in the United States.