Penske Automotive Group (NYSE:PAG) Price Target Raised to $190.00

Key Points

• Benchmark analysts have raised the target price for Penske Automotive Group (NYSE:PAG) from $185.00 to $190.00, indicating a potential upside of 6.31% from the current stock price.
• Other brokerages, such as JPMorgan Chase and Bank of America, have also recently upgraded their ratings and target prices for PAG, reflecting a general bullish sentiment among analysts.
• The company's stock has a current trading price of $178.72, with an average rating of "Moderate Buy" and a projected earnings per share (EPS) of 13.86 for the current fiscal year.

Penske Automotive Group (NYSE:PAG - Get Free Report) had its price objective boosted by equities researchers at Benchmark from $185.00 to $190.00 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 6.45% from the company's previous close.

Other analysts also recently issued research reports about the company. Morgan Stanley boosted their price objective on Penske Automotive Group from $180.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Stephens restated an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a report on Wednesday, June 11th. Bank of America lifted their target price on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Finally, JPMorgan Chase & Co. upgraded Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their target price for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average price target of $182.50.

Penske Automotive Group Price Performance

Shares of PAG traded up $0.68 during midday trading on Wednesday, reaching $178.49. The stock had a trading volume of 148,732 shares, compared to its average volume of 181,472. Penske Automotive Group has a 52 week low of $134.05 and a 52 week high of $189.51. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. The firm's 50 day moving average price is $178.75 and its 200-day moving average price is $166.86. The company has a market capitalization of $11.79 billion, a P/E ratio of 12.42 and a beta of 0.89.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.22. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The company had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the previous year, the business earned $3.61 EPS. The company's quarterly revenue was down .4% compared to the same quarter last year. On average, analysts forecast that Penske Automotive Group will post 13.86 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lisa Ann Davis sold 1,604 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the transaction, the director owned 1,529 shares of the company's stock, valued at approximately $276,351.46. The trade was a 51.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle Hulgrave sold 1,100 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the transaction, the chief financial officer directly owned 18,922 shares of the company's stock, valued at $3,454,211.10. This represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company's stock.

Hedge Funds Weigh In On Penske Automotive Group

Several large investors have recently made changes to their positions in PAG. Cambridge Investment Research Advisors Inc. raised its holdings in Penske Automotive Group by 9.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock valued at $485,000 after acquiring an additional 295 shares in the last quarter. Two Sigma Investments LP raised its holdings in Penske Automotive Group by 21.0% in the 4th quarter. Two Sigma Investments LP now owns 10,253 shares of the company's stock valued at $1,563,000 after acquiring an additional 1,777 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Penske Automotive Group by 15.8% in the 1st quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company's stock valued at $1,729,000 after acquiring an additional 1,639 shares in the last quarter. KBC Group NV raised its holdings in Penske Automotive Group by 33.4% in the 1st quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after acquiring an additional 250 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Penske Automotive Group in the 1st quarter valued at approximately $648,000. Institutional investors and hedge funds own 77.08% of the company's stock.

About Penske Automotive Group

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.