Penske Automotive Group (NYSE:PAG) Price Target Raised to $205.00 at Bank of America

Penske Automotive Group (NYSE:PAG - Get Free Report) had its price target upped by investment analysts at Bank of America from $190.00 to $205.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price would indicate a potential upside of 20.28% from the company's previous close.

Several other analysts have also recently commented on the stock. Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Stephens reissued an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a research note on Wednesday, June 11th. JPMorgan Chase & Co. reduced their price target on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, March 27th. Finally, Citigroup raised their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $172.00.

Penske Automotive Group Trading Up 3.0%

Shares of Penske Automotive Group stock traded up $4.93 during mid-day trading on Monday, hitting $170.44. 111,956 shares of the stock were exchanged, compared to its average volume of 201,149. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $11.28 billion, a price-to-earnings ratio of 12.39 and a beta of 0.91. The company has a 50-day simple moving average of $159.24 and a 200 day simple moving average of $159.23. Penske Automotive Group has a twelve month low of $134.05 and a twelve month high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.27 by $0.12. The firm had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.21 earnings per share. Research analysts forecast that Penske Automotive Group will post 13.86 EPS for the current year.

Penske Automotive Group announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Transactions at Penske Automotive Group

In other news, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the sale, the executive vice president now owns 36,152 shares in the company, valued at $6,040,999.20. This represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Roger S. Penske sold 77,357 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the transaction, the chief executive officer now owns 140,042 shares in the company, valued at approximately $22,598,577.54. This trade represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock valued at $13,257,948 over the last ninety days. 51.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Penske Automotive Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,004,832 shares of the company's stock valued at $288,656,000 after acquiring an additional 5,641 shares during the period. Burgundy Asset Management Ltd. raised its stake in shares of Penske Automotive Group by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock valued at $124,331,000 after buying an additional 56,669 shares during the period. AQR Capital Management LLC lifted its holdings in Penske Automotive Group by 3.5% during the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after purchasing an additional 20,506 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock worth $54,751,000 after purchasing an additional 84,045 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Penske Automotive Group by 24.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock worth $40,179,000 after purchasing an additional 51,720 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.

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