Penske Automotive Group (PAG) Price Target Cut to $56.00

Penske Automotive Group (NYSE:PAG) had its price objective lowered by stock analysts at Morgan Stanley from $62.00 to $56.00 in a research report issued on Tuesday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 22.11% from the stock’s current price.

A number of other research firms also recently issued reports on PAG. JPMorgan Chase & Co. started coverage on shares of Penske Automotive Group in a report on Tuesday, February 19th. They issued a “neutral” rating and a $51.00 price objective for the company. ValuEngine upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Finally, Seaport Global Securities started coverage on Penske Automotive Group in a research report on Wednesday, February 13th. They set a “buy” rating and a $61.00 price target for the company. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $55.83.

Shares of PAG stock traded up $0.20 during midday trading on Tuesday, hitting $45.86. 680 shares of the company were exchanged, compared to its average volume of 425,222. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.86 and a beta of 1.36. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.21 and a current ratio of 1.01. Penske Automotive Group has a 52 week low of $38.49 and a 52 week high of $53.84.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, February 7th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.05). The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.57 billion. Penske Automotive Group had a return on equity of 17.73% and a net margin of 2.07%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS. Sell-side analysts forecast that Penske Automotive Group will post 5.59 EPS for the current year.

In other news, Director John Barr sold 5,000 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $44.31, for a total value of $221,550.00. Following the transaction, the director now owns 18,000 shares of the company’s stock, valued at approximately $797,580. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 42.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of PAG. BlackRock Inc. raised its holdings in shares of Penske Automotive Group by 18.3% in the 3rd quarter. BlackRock Inc. now owns 3,636,120 shares of the company’s stock valued at $172,316,000 after buying an additional 562,334 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at about $19,176,000. Marshall Wace LLP purchased a new position in shares of Penske Automotive Group in the 3rd quarter valued at about $17,577,000. Norges Bank acquired a new stake in shares of Penske Automotive Group in the 4th quarter valued at about $9,438,000. Finally, CI Investments Inc. boosted its position in shares of Penske Automotive Group by 21.7% in the 4th quarter. CI Investments Inc. now owns 1,212,661 shares of the company’s stock valued at $48,894,000 after purchasing an additional 216,600 shares during the period. Hedge funds and other institutional investors own 44.05% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.

Further Reading: Asset Allocation, Balancing Your Investments

Analyst Recommendations for Penske Automotive Group (NYSE:PAG)

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