Penske Automotive Group Trading 7.2% Higher After Strong Earnings (PAG)
Shares of Penske Automotive Group (NYSE:PAG) traded up 7.2% during mid-day trading on Thursday after the company announced better than expected quarterly earnings, AnalystRatings.NET reports. The stock traded as high as $46.85 and last traded at $46.18, with a volume of 379,370 shares traded. The stock had previously closed at $43.08.
The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. The company had revenue of $4.00 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 20.9% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Wells Fargo & Co. initiated coverage on shares of Penske Automotive Group in a research note on Wednesday, April 16th. They set a “market perform” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Penske Automotive Group in a research note on Wednesday, April 16th. They now have a $44.00 price target on the stock. Finally, analysts at Sterne Agee upgraded shares of Penske Automotive Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 2nd. They now have a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $46.25.
The stock’s 50-day moving average is $43.51 and its 200-day moving average is $43.06. The company has a market cap of $4.093 billion and a P/E ratio of 15.96.
Penske Automotive Group, Inc is an automotive retailer. The Company is engaged in the sale of new and used motor vehicles and related products and services, including vehicle service, collision repair, and placement of finance and lease contracts, third-party insurance products and other aftermarket products.
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