Share on StockTwits

Penske Automotive Group (NYSE:PAG)‘s stock had its “outperform” rating restated by Zacks in a research report issued on Thursday. They currently have a $57.00 price target on the stock. Zacks‘s price target would suggest a potential upside of 20.35% from the company’s current price.

Zacks’ analyst wrote, “Penske’s second-quarter 2014 earnings improved 27.1% to $0.89 surpassing the Zacks Consensus Estimate by $0.02. The improvement was driven by favorable brand mix and geographical diversification of the revenue base. Revenues grew 21.4% year over year to $4.41 billion, surpassing the Zacks Consensus Estimate of $4.25 billion. The year-over-year rise was driven by a 10.4% increase in total retail sales, including a 5.3% increase in same-store retail sales. Penske is poised to benefit from increasing dealerships, rising sales of new and used vehicles and a strong financial position. This quarter the company enhanced share holder value by raising dividend by 5.3%. “

Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs upgraded shares of Penske Automotive Group from a “sell” rating to a “neutral” rating in a research note on Friday, June 20th. They now have a $47.00 price target on the stock, up previously from $41.00. Analysts at KeyCorp raised their price target on shares of Penske Automotive Group from $50.00 to $51.00 in a research note on Thursday, May 22nd. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Penske Automotive Group presently has an average rating of “Buy” and a consensus target price of $50.60.

Shares of Penske Automotive Group (NYSE:PAG) traded down 0.87% on Thursday, hitting $46.95. 299,679 shares of the company’s stock traded hands. Penske Automotive Group has a 52 week low of $37.07 and a 52 week high of $51.44. The stock has a 50-day moving average of $48.44 and a 200-day moving average of $45.20. The company has a market cap of $4.251 billion and a P/E ratio of 16.85. Penske Automotive Group also was the recipient of a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 1,194,853 shares, a drop of 44.6% from the June 30th total of 2,155,908 shares. Based on an average trading volume of 374,927 shares, the short-interest ratio is currently 3.2 days. Approximately 2.8% of the shares of the stock are sold short.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.85 by $0.04. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter last year, the company posted $0.71 earnings per share. Penske Automotive Group’s revenue was up 21.4% compared to the same quarter last year. On average, analysts predict that Penske Automotive Group will post $3.20 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 2nd. Investors of record on Monday, August 11th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, August 7th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.19.

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.

To view Zacks’ full report, visit Zacks’ official website.

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.