Penske Automotive Group Inc. (NYSE:PAG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “Penske Automotive is poised to benefit from increasing dealerships, rising sales of new vehicles and capital deployment. However, the large merchandise inventory and intensifying competition in the industry pose concerns. Further, Penske Automotive’s business is exposed to fluctuations in foreign exchange rates. The company’s earnings estimates have remained stable over the last 30 days. It has a mostly positive record of earnings surprises in recent quarters.”
Several other research analysts have also weighed in on PAG. Seaport Global Securities began coverage on Penske Automotive Group in a research report on Tuesday, August 9th. They set a “neutral” rating on the stock. Stifel Nicolaus lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 16th. Finally, Gabelli lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $48.00.
Penske Automotive Group (NYSE:PAG) opened at 48.46 on Monday. The firm’s 50 day moving average price is $46.64 and its 200-day moving average price is $39.18. The company has a market capitalization of $4.13 billion, a PE ratio of 12.94 and a beta of 1.56. Penske Automotive Group has a one year low of $29.29 and a one year high of $51.59.
Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.02. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.17 billion. Penske Automotive Group had a return on equity of 18.75% and a net margin of 1.65%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 EPS. Equities analysts forecast that Penske Automotive Group will post $3.89 earnings per share for the current fiscal year.
In other Penske Automotive Group news, major shareholder Corp Penske bought 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were acquired at an average cost of $39.79 per share, with a total value of $1,989,500.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 4,900 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $48.31, for a total value of $236,719.00. The disclosure for this sale can be found here. Company insiders own 37.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in Penske Automotive Group during the second quarter worth $122,000. Panagora Asset Management Inc. acquired a new position in Penske Automotive Group during the second quarter worth $159,000. Teacher Retirement System of Texas raised its position in Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock worth $198,000 after buying an additional 763 shares during the last quarter. Suntrust Banks Inc. raised its position in Penske Automotive Group by 8.0% in the second quarter. Suntrust Banks Inc. now owns 6,675 shares of the company’s stock worth $208,000 after buying an additional 492 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Penske Automotive Group during the second quarter worth $252,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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