Asbury Automotive Group Inc. (NYSE: ABG) Stock Coverage Initiated at Wolfe Research

Analysts at Wolfe Research initiated coverage on Asbury Automotive Group Inc. (NYSE: ABG) stock, rating the company at Market Perform. As a means of comparison, a number of other analysts have commented on the company recently, and the company has secured a consensus one-year price target of $71.11, $54.96. Asbury Automotive Group Inc.stock has a 52-week high of $87.63.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

U.S. stocks finished sharply lower on Tuesday as equities slid amid a slump in energy shares and continued uncertainty about the Federal Reserve’s plans for monetary policy.

The Dow Jones Industrial Average DJIA, -1.41% closed 258.05 points, or 1.4%, lower at 18,066.89, and was down nearly 300 points at its lowest.

The S&P 500 index SPX, -1.48% gave up 32.02 points, or 1.5%, at 2,127.02.

Meanwhile, the Nasdaq Composite Index COMP, -1.09% fell 56.63 points, or 1.1%, at 5,155.25.

In early action today stocks are moving up with the Dow being led by Apple.

Apple Inc. AAPL, is up +2.69% and climbed 0.9%.

Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.

Shares of Asbury Automotive Group Inc. (NYSE: ABG) opened at $54.96 today and traded in a range between, $54.46 and $55.52, and last traded at $54.70, which represents a change of $ -0.32 over the previous closing price.

Asbury Automotive Group Inc. (NYSE: ABG) currently has a market cap of 1.21B

The stocks average daily volume is 252,286 shares out of a total float 19,941,000 of and some 15,927 shares traded hands yesterday, 60 percent lower than normal. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.

While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind Asbury Automotive Group Inc. (NYSE: ABG) now has a 50-day MA is $55.61 and 200-day MA is $56.67, and it has traded in a 52-week range between $43.56 – 87.63 and today’s last price is -37.58 percent off the 52 week high.

Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of The Woodbridge Citizen. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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