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Investment analysts at Morgan Stanley boosted their price target on shares of Penske Automotive Group (NYSE:PAG) from $46.00 to $50.00 in a note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 4.36% from the stock’s previous close.

The analysts wrote, “PAG is different in many ways from the other dealers we cover. PAG checks most of the boxes that we look for in a dealer – geographic diversification, M&A policy, relative insulation from macro and secular headwinds and less reliance on customer pay.”

Penske Automotive Group (NYSE:PAG) opened at 47.91 on Wednesday. Penske Automotive Group has a 52-week low of $37.07 and a 52-week high of $51.44. The stock’s 50-day moving average is $48.48 and its 200-day moving average is $45.59. The company has a market cap of $4.323 billion and a price-to-earnings ratio of 16.32.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.71 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, analysts predict that Penske Automotive Group will post $3.26 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 2nd. Investors of record on Monday, August 11th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, August 7th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.19.

A number of other analysts have also recently weighed in on PAG. Analysts at Zacks reiterated an “outperform” rating on shares of Penske Automotive Group in a research note on Thursday, July 31st. They now have a $57.00 price target on the stock. Finally, 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $51.40.

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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