Penske Automotive Group (NYSE:PAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, January 9th. The firm currently has a $57.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.36% from the stock’s current price.
According to Zacks, “Penske Automotive completed the acquisition of The Car People, which is expected to earn annualized revenues of roughly $300 million. Prior to this in 2017, it acquired two other used vehicle retailers in the United Kingdom, namely- CarShop and CarSense. These acquisitions will develop the company’s used car business segment and reinforce its position in the country. The company is also poised to benefit from expanding dealership networks. Penske Automotive also enjoys a favorable automotive retail environment in the United States and the United Kingdom markets. Also in the last three months, the company’s shares have outperformed the industry it belongs to.”
Other analysts have also recently issued research reports about the company. KeyCorp reaffirmed a “hold” rating on shares of Penske Automotive Group in a report on Wednesday, October 4th. Northcoast Research started coverage on Penske Automotive Group in a report on Thursday, September 28th. They issued a “buy” rating and a $56.00 price target on the stock. Berenberg Bank started coverage on Penske Automotive Group in a report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 price target on the stock. ValuEngine raised Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Gabelli increased their price objective on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Penske Automotive Group presently has a consensus rating of “Hold” and an average target price of $55.00.
Shares of Penske Automotive Group (NYSE:PAG) traded down $0.36 during trading hours on Tuesday, hitting $52.12. The stock had a trading volume of 58,776 shares, compared to its average volume of 475,810. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group has a one year low of $38.33 and a one year high of $55.22. The firm has a market capitalization of $4,476.24 and a price-to-earnings ratio of 12.28.
Penske Automotive Group declared that its board has initiated a stock repurchase program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, EVP Shane M. Spradlin sold 3,188 shares of Penske Automotive Group stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $47.41, for a total value of $151,143.08. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John D. Jr. Carlson sold 7,000 shares of Penske Automotive Group stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the sale, the chief financial officer now owns 24,844 shares in the company, valued at $1,147,792.80. The disclosure for this sale can be found here. 40.70% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of PAG. The Manufacturers Life Insurance Company grew its position in Penske Automotive Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after purchasing an additional 175 shares during the period. Federated Investors Inc. PA raised its holdings in shares of Penske Automotive Group by 5.2% in the second quarter. Federated Investors Inc. PA now owns 8,495 shares of the company’s stock valued at $373,000 after buying an additional 420 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Penske Automotive Group by 1.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 38,453 shares of the company’s stock valued at $1,688,000 after buying an additional 580 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Penske Automotive Group by 11.9% in the second quarter. Pacer Advisors Inc. now owns 5,854 shares of the company’s stock valued at $257,000 after buying an additional 624 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Penske Automotive Group by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 15,390 shares of the company’s stock worth $676,000 after purchasing an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 41.41% of the company’s stock.
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Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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