Morgan Stanley Forecasts Strong Price Appreciation for Penske Automotive Group (NYSE:PAG) Stock

Penske Automotive Group (NYSE:PAG) had its price objective increased by investment analysts at Morgan Stanley from $210.00 to $212.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley‘s target price points to a potential downside of 0.68% from the company’s current price.

A number of other research analysts have also recently commented on PAG. Benchmark cut Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. UBS Group reaffirmed a “neutral” rating and set a $212.00 price objective on shares of Penske Automotive Group in a report on Friday, October 16th. Weiss Ratings cut shares of Penske Automotive Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, November 2nd. JPMorgan Chase & Co. lowered their target price on shares of Penske Automotive Group from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Finally, Citigroup lowered shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their target price for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $214.86.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock traded up $1.10 during trading hours on Monday, hitting $213.46. The company’s stock had a trading volume of 57,264 shares, compared to its average volume of 365,610. The company has a market cap of $14.02 billion, a PE ratio of 15.57 and a beta of 0.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.21 and a current ratio of 0.98. The business has a 50 day moving average price of $210.03 and a two-hundred day moving average price of $183.97. Penske Automotive Group has a 12-month low of $140.12 and a 12-month high of $227.00.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, October 28th. The company reported $3.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.37 by ($0.01). The business had revenue of $8.42 billion for the quarter, compared to analysts’ expectations of $8.14 billion. Penske Automotive Group had a return on equity of 14.82% and a net margin of 2.77%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.23 EPS. Analysts expect that Penske Automotive Group will post 13.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Penske Automotive Group

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Penske Automotive Group during the 2nd quarter worth approximately $417,516,000. Bank of America Corp DE bought a new position in shares of Penske Automotive Group during the 2nd quarter valued at approximately $79,065,000. Bank of New York Mellon Corp bought a new position in shares of Penske Automotive Group during the 2nd quarter valued at approximately $67,822,000. Bruni J V & Co. Co. purchased a new position in shares of Penske Automotive Group in the second quarter valued at $30,778,326. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Penske Automotive Group by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,447,910 shares of the company’s stock valued at $216,489,000 after purchasing an additional 154,443 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group is an international automotive and commercial vehicle retailer. The company operates franchised dealerships that sell new and used vehicles, along with parts and maintenance, repair, financing and insurance services.

Its automotive dealerships represent a range of manufacturers, with a focus on premium and luxury brands. Penske also operates commercial truck dealerships, which sell new and used trucks and provide parts and service to business customers.

Founded by Roger Penske, the company serves customers primarily in the United States and also has operations in several international markets, including the United Kingdom, Germany, Italy, Australia and Japan.