Penske Automotive Group (NYSE:PAG) Earns Overweight Rating from Analysts at Barclays
Barclays has upgraded Penske Automotive Group (NYSE:PAG) to a "strong-buy" rating. Other analysts have mixed ratings, with JPMorgan Chase & Co. lowering their price target, while Citigroup, Benchmark, and Morgan Stanley have raised theirs. Penske's stock opened at $160.74, with a market cap of $10.59 billion. The company reported lower-than-expected earnings for the last quarter. Insiders and hedge funds have been active in trading the stock.
Stock analysts at Barclays started coverage on shares of Penske Automotive Group (NYSE:PAG - Get Free Report) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set an "overweight" rating on the stock.
A number of other brokerages have also recently weighed in on PAG. JPMorgan Chase & Co. dropped their price objective on shares of Penske Automotive Group from $180.00 to $175.00 and set a "neutral" rating for the company in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Penske Automotive Group in a research note on Friday, October 31st. Citigroup raised their price target on Penske Automotive Group from $200.00 to $206.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Benchmark boosted their price target on Penske Automotive Group from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, September 17th. Finally, Morgan Stanley increased their price objective on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Penske Automotive Group presently has an average rating of "Moderate Buy" and an average price target of $185.86.
Get Our Latest Stock Report on Penske Automotive Group
Penske Automotive Group Stock Up 1.8%
Penske Automotive Group stock opened at $160.74 on Tuesday. Penske Automotive Group has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The firm has a market capitalization of $10.59 billion, a price-to-earnings ratio of 11.31 and a beta of 0.90. The stock's fifty day moving average is $170.67 and its two-hundred day moving average is $171.32. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.21 and a current ratio of 0.97.
Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings data on Wednesday, October 29th. The company reported $3.23 EPS for the quarter, missing the consensus estimate of $3.48 by ($0.25). Penske Automotive Group had a return on equity of 16.84% and a net margin of 3.08%.The business had revenue of $7.70 billion during the quarter, compared to analysts' expectations of $7.71 billion. During the same quarter in the prior year, the firm earned $3.39 earnings per share. Penske Automotive Group's quarterly revenue was up 1.4% on a year-over-year basis. Analysts predict that Penske Automotive Group will post 13.86 EPS for the current fiscal year.
Insiders Place Their Bets
In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the sale, the chief financial officer directly owned 18,922 shares of the company's stock, valued at approximately $3,454,211.10. This trade represents a 5.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the transaction, the director directly owned 1,529 shares of the company's stock, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 52.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Penske Automotive Group
A number of large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its stake in shares of Penske Automotive Group by 1.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,740 shares of the company's stock valued at $986,000 after buying an additional 60 shares during the period. Martingale Asset Management L P boosted its holdings in Penske Automotive Group by 3.7% in the first quarter. Martingale Asset Management L P now owns 1,750 shares of the company's stock valued at $252,000 after acquiring an additional 63 shares during the last quarter. UMB Bank n.a. grew its position in Penske Automotive Group by 18.6% during the second quarter. UMB Bank n.a. now owns 402 shares of the company's stock valued at $69,000 after acquiring an additional 63 shares during the period. Voya Investment Management LLC grew its position in Penske Automotive Group by 2.9% during the first quarter. Voya Investment Management LLC now owns 2,306 shares of the company's stock valued at $332,000 after acquiring an additional 65 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Penske Automotive Group by 2.1% during the third quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company's stock worth $561,000 after acquiring an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.
About Penske Automotive Group
(Get Free Report)Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.
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