Zacks: Analysts Anticipate Asbury Automotive Group, Inc. (NYSE:ABG) Will Announce Quarterly Sales of $1.85 Billion

Analysts expect that Asbury Automotive Group, Inc. (NYSE:ABG) will post $1.85 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Asbury Automotive Group’s earnings, with the lowest sales estimate coming in at $1.83 billion and the highest estimate coming in at $1.87 billion. Asbury Automotive Group reported sales of $1.76 billion in the same quarter last year, which would suggest a positive year over year growth rate of 5.1%. The company is scheduled to issue its next quarterly earnings results on Tuesday, October 22nd.

According to Zacks, analysts expect that Asbury Automotive Group will report full-year sales of $7.21 billion for the current year, with estimates ranging from $7.17 billion to $7.24 billion. For the next year, analysts anticipate that the firm will report sales of $7.34 billion, with estimates ranging from $7.21 billion to $7.47 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Asbury Automotive Group.

Asbury Automotive Group (NYSE:ABG) last released its earnings results on Friday, July 26th. The company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.27 by $0.11. Asbury Automotive Group had a net margin of 2.57% and a return on equity of 35.08%. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The company’s quarterly revenue was up 4.6% compared to the same quarter last year.

Several equities analysts have recently commented on ABG shares. Zacks Investment Research raised shares of Asbury Automotive Group from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Thursday, August 1st. Morgan Stanley boosted their target price on shares of Asbury Automotive Group from $86.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on shares of Asbury Automotive Group from $85.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. ValuEngine downgraded shares of Asbury Automotive Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Craig Hallum boosted their target price on shares of Asbury Automotive Group from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $90.00.

In related news, VP William Frederick Stax sold 424 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $90.35, for a total transaction of $38,308.40. Following the sale, the vice president now owns 3,464 shares of the company’s stock, valued at $312,972.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Juanita T. James sold 1,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $92.21, for a total transaction of $92,210.00. Following the sale, the director now directly owns 7,299 shares in the company, valued at approximately $673,040.79. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,324 shares of company stock worth $947,466. 1.36% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in ABG. Norges Bank purchased a new stake in Asbury Automotive Group during the fourth quarter valued at $18,252,000. Victory Capital Management Inc. raised its stake in Asbury Automotive Group by 9.0% during the first quarter. Victory Capital Management Inc. now owns 1,419,858 shares of the company’s stock valued at $98,481,000 after purchasing an additional 117,677 shares in the last quarter. Artemis Investment Management LLP increased its position in Asbury Automotive Group by 131.2% during the second quarter. Artemis Investment Management LLP now owns 160,700 shares of the company’s stock valued at $13,509,000 after acquiring an additional 91,200 shares during the last quarter. Federated Investors Inc. PA increased its position in Asbury Automotive Group by 53.6% during the first quarter. Federated Investors Inc. PA now owns 212,732 shares of the company’s stock valued at $14,755,000 after acquiring an additional 74,201 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new position in Asbury Automotive Group during the second quarter valued at $5,598,000.

Shares of ABG stock traded down $2.51 during mid-day trading on Monday, hitting $88.74. The company had a trading volume of 103,305 shares, compared to its average volume of 152,409. Asbury Automotive Group has a 52-week low of $58.60 and a 52-week high of $95.14. The stock’s 50 day moving average price is $88.62 and its 200-day moving average price is $78.44. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.20 and a quick ratio of 0.34. The company has a market capitalization of $1.75 billion, a P/E ratio of 10.55, a P/E/G ratio of 0.68 and a beta of 1.25.

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.

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