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Asbury Automotive (ABG) Soars 4.5%: Is Further Upside Left in the Stock?
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Asbury Automotive Group (ABG - Free Report) shares rallied 4.5% in the last trading session to close at $164.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.5% loss over the past four weeks.
ABG is riding on its strategic acquisitions, especially the buyout of Larry H. Miller Dealerships, which has bolstered Asbury’s regional footprint and expanded its presence in the high-growth Western markets. Rising new and used vehicle prices is set to drive Asbury’s top-line growth.
This auto dealership chain is expected to post quarterly earnings of $8.87 per share in its upcoming report, which represents a year-over-year change of +14%. Revenues are expected to be $3.94 billion, up 52.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Asbury Automotive, the consensus EPS estimate for the quarter has been revised 2.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ABG going forward to see if this recent jump can turn into more strength down the road.
Asbury Automotive is a member of the Zacks Automotive - Retail and Whole Sales industry. One other stock in the same industry, Sonic Automotive (SAH - Free Report) , finished the last trading session 5.5% higher at $36.53. SAH has returned -20.2% over the past month.
For Sonic Automotive, the consensus EPS estimate for the upcoming report has changed -1.6% over the past month to $2.53. This represents a change of -3.8% from what the company reported a year ago. Sonic Automotive currently has a Zacks Rank of #3 (Hold).
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Asbury Automotive (ABG) Soars 4.5%: Is Further Upside Left in the Stock?
Asbury Automotive Group (ABG - Free Report) shares rallied 4.5% in the last trading session to close at $164.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.5% loss over the past four weeks.
ABG is riding on its strategic acquisitions, especially the buyout of Larry H. Miller Dealerships, which has bolstered Asbury’s regional footprint and expanded its presence in the high-growth Western markets. Rising new and used vehicle prices is set to drive Asbury’s top-line growth.
This auto dealership chain is expected to post quarterly earnings of $8.87 per share in its upcoming report, which represents a year-over-year change of +14%. Revenues are expected to be $3.94 billion, up 52.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Asbury Automotive, the consensus EPS estimate for the quarter has been revised 2.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ABG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Asbury Automotive is a member of the Zacks Automotive - Retail and Whole Sales industry. One other stock in the same industry, Sonic Automotive (SAH - Free Report) , finished the last trading session 5.5% higher at $36.53. SAH has returned -20.2% over the past month.
For Sonic Automotive, the consensus EPS estimate for the upcoming report has changed -1.6% over the past month to $2.53. This represents a change of -3.8% from what the company reported a year ago. Sonic Automotive currently has a Zacks Rank of #3 (Hold).