Bank of America Boosts Penske Automotive Group (PAG) Price Target to $60.00

Penske Automotive Group (NYSE:PAG) had its target price upped by research analysts at Bank of America from $58.00 to $60.00 in a report released on Friday. The firm currently has a “buy” rating on the stock. Bank of America’s price target would suggest a potential upside of 23.86% from the company’s previous close.

Several other equities analysts have also recently issued reports on PAG. Zacks Investment Research raised Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Gabelli upped their price objective on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Finally, ValuEngine raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $55.71.

Shares of Penske Automotive Group (NYSE:PAG) traded up $0.53 on Friday, hitting $48.44. The stock had a trading volume of 702,039 shares, compared to its average volume of 535,735. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04. Penske Automotive Group has a 12-month low of $38.33 and a 12-month high of $54.83. The company has a market cap of $4,150.00, a PE ratio of 11.34, a P/E/G ratio of 1.42 and a beta of 1.45.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, February 8th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.01. The business had revenue of $5.40 billion for the quarter, compared to analysts’ expectations of $5.27 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. sell-side analysts forecast that Penske Automotive Group will post 4.31 EPS for the current fiscal year.

Penske Automotive Group declared that its board has initiated a stock repurchase plan on Wednesday, October 25th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

In other Penske Automotive Group news, CFO John D. Jr. Carlson sold 7,000 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $46.20, for a total transaction of $323,400.00. Following the completion of the sale, the chief financial officer now directly owns 24,844 shares in the company, valued at approximately $1,147,792.80. The sale was disclosed in a document filed with the SEC, which is available through this link. 40.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in Penske Automotive Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after buying an additional 175 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Penske Automotive Group during the 4th quarter valued at $129,000. Commonwealth Equity Services Inc purchased a new stake in Penske Automotive Group during the 3rd quarter valued at $199,000. Jane Street Group LLC purchased a new stake in Penske Automotive Group during the 3rd quarter valued at $201,000. Finally, Stephens Inc. AR purchased a new stake in Penske Automotive Group during the 3rd quarter valued at $230,000. Institutional investors and hedge funds own 41.52% of the company’s stock.

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Penske Automotive Group Company Profile

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.

Analyst Recommendations for Penske Automotive Group (NYSE:PAG)

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