JPMorgan Chase & Co. Issues Positive Forecast for Penske Automotive Group (NYSE:PAG) Stock Price

Key Points

• JPMorgan Chase raised its price target on Penske from $165 to $170 while keeping a neutral rating, which implies about a 0.85% downside from the stock's current price.
• PAG shares traded at $171.46 (up ~1%), sitting above the 50‑day ($154.64) and 200‑day ($160.28) moving averages, with a market cap of $11.27B and a P/E of 12.8.
• Analysts have a consensus Moderate Buy (average target $184.86; six Buys, three Holds), and Penske recently beat estimates with $3.05 EPS versus $2.91 and $7.86B revenue versus $7.71B.

Penske Automotive Group (NYSE:PAG - Get Free Report) had its target price increased by JPMorgan Chase & Co. from $165.00 to $170.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential downside of 0.85% from the stock's current price.

Several other equities analysts also recently weighed in on PAG. Stephens raised their price target on Penske Automotive Group from $155.00 to $160.00 and gave the company an "equal weight" rating in a report on Monday. Barclays lowered their price target on Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Morgan Stanley reaffirmed an "overweight" rating and issued a $190.00 price target on shares of Penske Automotive Group in a research report on Thursday. Citigroup lifted their price target on Penske Automotive Group from $193.00 to $199.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Weiss Ratings lowered Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 16th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $184.86.

Penske Automotive Group Stock Up 1.0%

Shares of PAG stock traded up $1.73 during trading hours on Thursday, hitting $171.46. 186,234 shares of the company's stock traded hands, compared to its average volume of 294,684. The stock's fifty day simple moving average is $154.64 and its two-hundred day simple moving average is $160.28. Penske Automotive Group has a 12-month low of $140.12 and a 12-month high of $189.51. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 2.20 and a beta of 0.90. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.14. The company had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $7.71 billion. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The firm's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.66 EPS. On average, analysts expect that Penske Automotive Group will post 13.38 EPS for the current year.

Institutional Investors Weigh In On Penske Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAG. Diamant Asset Management Inc. increased its holdings in Penske Automotive Group by 14,852.0% in the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company's stock worth $132,237,000 after acquiring an additional 878,496 shares in the last quarter. Bank of Montreal Can boosted its stake in Penske Automotive Group by 39,232.7% in the 4th quarter. Bank of Montreal Can now owns 863,352 shares of the company's stock worth $136,660,000 after purchasing an additional 861,157 shares during the period. Victory Capital Management Inc. boosted its stake in Penske Automotive Group by 48.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company's stock worth $241,958,000 after purchasing an additional 456,611 shares during the period. Norges Bank bought a new position in Penske Automotive Group in the 4th quarter worth approximately $32,137,000. Finally, Dimensional Fund Advisors LP boosted its stake in Penske Automotive Group by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company's stock worth $204,761,000 after purchasing an additional 156,308 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.

About Penske Automotive Group

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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