Zacks: Brokerages Anticipate Asbury Automotive Group, Inc. (NYSE:ABG) Will Announce Quarterly Sales of $1.21 Billion

Analysts forecast that Asbury Automotive Group, Inc. (NYSE:ABG) will post sales of $1.21 billion for the current quarter, Zacks reports. Three analysts have provided estimates for Asbury Automotive Group’s earnings, with the highest sales estimate coming in at $1.31 billion and the lowest estimate coming in at $1.15 billion. Asbury Automotive Group reported sales of $1.80 billion in the same quarter last year, which would suggest a negative year over year growth rate of 32.8%. The firm is expected to report its next quarterly earnings report on Friday, July 24th.

According to Zacks, analysts expect that Asbury Automotive Group will report full year sales of $6.08 billion for the current year, with estimates ranging from $5.90 billion to $6.32 billion. For the next financial year, analysts forecast that the firm will post sales of $6.74 billion, with estimates ranging from $6.49 billion to $7.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Asbury Automotive Group.

Asbury Automotive Group (NYSE:ABG) last released its quarterly earnings data on Tuesday, May 5th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.13. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.57 billion. Asbury Automotive Group had a return on equity of 28.33% and a net margin of 2.28%. The company’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.20 EPS.

A number of brokerages have recently commented on ABG. JPMorgan Chase & Co. lifted their target price on Asbury Automotive Group from $69.00 to $76.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. SunTrust Banks boosted their price objective on Asbury Automotive Group from $47.00 to $70.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. ValuEngine upgraded Asbury Automotive Group from a “strong sell” rating to a “sell” rating in a report on Tuesday, April 14th. TheStreet cut Asbury Automotive Group from a “b-” rating to a “c+” rating in a report on Thursday, March 26th. Finally, Craig Hallum upgraded Asbury Automotive Group from a “hold” rating to a “buy” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Thursday, March 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $89.33.

Shares of Asbury Automotive Group stock traded up $1.69 on Wednesday, reaching $79.08. The company had a trading volume of 303,560 shares, compared to its average volume of 280,181. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 9.37, a P/E/G ratio of 0.70 and a beta of 1.59. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.48 and a quick ratio of 0.59. The firm’s 50-day moving average price is $62.00 and its two-hundred day moving average price is $87.40. Asbury Automotive Group has a 1 year low of $39.36 and a 1 year high of $123.44.

In other news, major shareholder Abrams Capital Management, L.P bought 113,270 shares of the stock in a transaction on Wednesday, March 18th. The stock was acquired at an average cost of $43.27 per share, for a total transaction of $4,901,192.90. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eugene S. Katz sold 1,000 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $78.43, for a total value of $78,430.00. Following the completion of the sale, the director now owns 20,039 shares of the company’s stock, valued at $1,571,658.77. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of ABG. Advisors Preferred LLC purchased a new stake in shares of Asbury Automotive Group in the 4th quarter worth $25,000. Tower Research Capital LLC TRC bought a new position in shares of Asbury Automotive Group in the 1st quarter worth $31,000. Mutual of America Capital Management LLC increased its position in Asbury Automotive Group by 22.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 843 shares of the company’s stock valued at $47,000 after buying an additional 153 shares in the last quarter. FMR LLC increased its position in Asbury Automotive Group by 357.9% during the 4th quarter. FMR LLC now owns 641 shares of the company’s stock valued at $72,000 after buying an additional 501 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new position in Asbury Automotive Group during the 1st quarter valued at about $72,000.

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.

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