Penske Automotive Group (PAG) Lifted to “Buy” at Zacks Investment Research
Penske Automotive Group (NYSE:PAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, June 19th. The firm presently has a $57.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 19.47% from the stock’s current price.
According to Zacks, “The Zacks Consensus Estimate for Penske Automotive’s annual earnings has been going up of late. The company’s retail automotive segment is driving revenues due to its widened geographic presence, and varied product and service range. It also increases it dividend payouts in almost every quarter and also repurchases shares to boost shareholders’ confidence. The company makes frequent acquisitions to expand its presence in the United States and the United Kingdom. Moreover, in the last three months, shares of Penske Automotive have outperformed the industry it belongs to.”
A number of other equities research analysts have also weighed in on the company. ValuEngine lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Morgan Stanley lifted their price objective on Penske Automotive Group from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, March 14th. Finally, Guggenheim began coverage on Penske Automotive Group in a report on Monday, April 16th. They issued a “buy” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $55.50.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, April 25th. The company reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.12. Penske Automotive Group had a return on equity of 17.56% and a net margin of 2.90%. The company had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. analysts expect that Penske Automotive Group will post 5.13 EPS for the current year.
In related news, Director Kimberly J. Mcwaters sold 5,000 shares of Penske Automotive Group stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $48.58, for a total transaction of $242,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Shane M. Spradlin sold 2,150 shares of Penske Automotive Group stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $48.35, for a total value of $103,952.50. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Mount Yale Investment Advisors LLC acquired a new position in shares of Penske Automotive Group during the 1st quarter worth approximately $141,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Penske Automotive Group during the 1st quarter worth approximately $1,578,000. Millennium Management LLC raised its position in shares of Penske Automotive Group by 82.6% during the 1st quarter. Millennium Management LLC now owns 192,742 shares of the company’s stock worth $8,544,000 after purchasing an additional 87,186 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Penske Automotive Group during the 1st quarter worth approximately $558,000. Finally, Jane Street Group LLC acquired a new position in shares of Penske Automotive Group during the 1st quarter worth approximately $270,000. Hedge funds and other institutional investors own 42.22% 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.
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