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 target upped by equities research analysts at Benchmark from $185.00 to $190.00 in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price objective would suggest a potential upside of 8.35% from the stock's previous close.

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

Penske Automotive Group Trading Down 1.8%

PAG traded down $3.19 during mid-day trading on Wednesday, reaching $175.36. The stock had a trading volume of 395,857 shares, compared to its average volume of 178,754. The firm's fifty day simple moving average is $178.59 and its two-hundred day simple moving average is $166.95. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. The stock has a market capitalization of $11.58 billion, a P/E ratio of 12.20 and a beta of 0.89. Penske Automotive Group has a 52 week low of $134.05 and a 52 week high of $189.51.

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

Insider Transactions at Penske Automotive Group

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

Institutional Trading of Penske Automotive Group

Several hedge funds and other institutional investors have recently made changes to their positions in PAG. Sound Income Strategies LLC purchased a new position in Penske Automotive Group in the 2nd quarter worth approximately $34,000. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group during the 1st quarter worth $42,000. UMB Bank n.a. boosted its stake in Penske Automotive Group by 421.5% during the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC lifted its stake in Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares during the last quarter. Finally, Brooklyn Investment Group increased its stake in Penske Automotive Group by 353.0% in the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after buying an additional 353 shares during the period. Hedge funds and other institutional investors 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.