Zacks: Brokerages Anticipate Penske Automotive Group, Inc. (PAG) Will Announce Quarterly Sales of $5.33 Billion
Wall Street brokerages expect that Penske Automotive Group, Inc. (NYSE:PAG) will announce $5.33 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Penske Automotive Group’s earnings, with estimates ranging from $5.27 billion to $5.45 billion. Penske Automotive Group reported sales of $5.25 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The business is scheduled to issue its next earnings results before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that Penske Automotive Group will report full year sales of $5.33 billion for the current fiscal year, with estimates ranging from $20.76 billion to $21.33 billion. For the next financial year, analysts forecast that the firm will post sales of $21.25 billion per share, with estimates ranging from $20.68 billion to $21.92 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Penske Automotive Group.
Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, April 26th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.85 billion. Penske Automotive Group had a net margin of 1.70% and a return on equity of 19.06%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS.
Several brokerages recently issued reports on PAG. Gabelli raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a report on Thursday, April 27th. Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, April 11th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a report on Monday, July 17th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub raised shares of Penske Automotive Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $52.67.
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In other Penske Automotive Group news, President Robert H. Kurnick, Jr. sold 11,172 shares of Penske Automotive Group stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $42.48, for a total value of $474,586.56. Following the completion of the transaction, the president now owns 89,405 shares of the company’s stock, valued at $3,797,924.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Shane M. Spradlin sold 1,900 shares of Penske Automotive Group stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $43.64, for a total transaction of $82,916.00. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC boosted its position in Penske Automotive Group by 31.8% in the fourth quarter. Guggenheim Capital LLC now owns 15,615 shares of the company’s stock worth $809,000 after buying an additional 3,766 shares during the last quarter. Norges Bank bought a new stake in Penske Automotive Group during the fourth quarter worth approximately $10,158,000. Teachers Advisors LLC boosted its stake in Penske Automotive Group by 8.9% in the fourth quarter. Teachers Advisors LLC now owns 41,448 shares of the company’s stock worth $2,149,000 after buying an additional 3,387 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Penske Automotive Group by 6.5% in the fourth quarter. Macquarie Group Ltd. now owns 19,700 shares of the company’s stock worth $1,021,000 after buying an additional 1,200 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Penske Automotive Group by 10.9% in the first quarter. Bank of Montreal Can now owns 2,787 shares of the company’s stock worth $131,000 after buying an additional 275 shares in the last quarter. 38.97% of the stock is owned by institutional investors.
Shares of Penske Automotive Group (NYSE:PAG) opened at 44.32 on Friday. The firm’s 50-day moving average is $42.97 and its 200-day moving average is $47.24. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 10.93 and a beta of 1.49. Penske Automotive Group has a 52 week low of $34.72 and a 52 week high of $56.05.
About Penske Automotive Group
Penske Automotive Group, Inc is an international transportation services company. The Company 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 principally in Australia and New Zealand.
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