According to Zacks, “Penske Automotive is poised to benefit from increasing dealerships, rising sales of new vehicles and capital deployment. However, the large merchandise inventory and intensifying competition in the industry pose concerns. Further, Penske Automotive’s business is exposed to fluctuations in foreign exchange rates. The company’s earnings estimates have remained stable over the last 30 days. It has a mostly positive record of earnings surprises in recent quarters.”
A number of other brokerages have also recently commented on PAG. Stifel Nicolaus cut shares of Penske Automotive Group from a buy rating to a hold rating in a report on Friday, September 16th. Gabelli cut shares of Penske Automotive Group from a buy rating to a hold rating in a report on Thursday, September 15th. Finally, Seaport Global Securities assumed coverage on shares of Penske Automotive Group in a report on Tuesday, August 9th. They set a neutral rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $48.00.
Penske Automotive Group (NYSE:PAG) opened at 49.98 on Monday. Penske Automotive Group has a 52-week low of $29.29 and a 52-week high of $51.52. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 13.35 and a beta of 1.56. The company’s 50-day moving average is $47.06 and its 200 day moving average is $39.33.
Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, July 28th. The company reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.02. Penske Automotive Group had a net margin of 1.65% and a return on equity of 18.75%. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.17 billion. During the same quarter in the previous year, the business posted $1.04 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities analysts forecast that Penske Automotive Group will post $3.89 earnings per share for the current fiscal year.
In other news, EVP Shane M. Spradlin sold 4,900 shares of Penske Automotive Group stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.31, for a total value of $236,719.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Corp Penske purchased 220,632 shares of the stock in a transaction dated Friday, August 5th. The stock was bought at an average cost of $39.35 per share, with a total value of $8,681,869.20. The disclosure for this purchase can be found here. 37.20% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of PAG. Pacer Advisors Inc. acquired a new position in shares of Penske Automotive Group during the second quarter worth $122,000. Panagora Asset Management Inc. acquired a new position in shares of Penske Automotive Group during the second quarter worth $159,000. Teacher Retirement System of Texas raised its position in shares of Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock worth $198,000 after buying an additional 763 shares during the period. Suntrust Banks Inc. raised its position in shares of Penske Automotive Group by 8.0% in the second quarter. Suntrust Banks Inc. now owns 6,675 shares of the company’s stock worth $208,000 after buying an additional 492 shares during the period. Finally, Pacad Investment Ltd. acquired a new position in shares of Penske Automotive Group during the second quarter worth $252,000. 40.52% of the stock is owned by hedge funds and other institutional investors.
About Penske Automotive Group
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Penske Automotive Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.