Penske Automotive Group (NYSE:PAG) Given New $193.00 Price Target at Citigroup

Penske Automotive Group (NYSE:PAG) had its price objective lowered by analysts at Citigroup from $200.00 to $193.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 25.91% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $175.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Barclays lowered their price target on shares of Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday. Weiss Ratings lowered shares of Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. Finally, Bank of America started coverage on shares of Penske Automotive Group in a report on Tuesday, December 9th. They set a “buy” rating and a $195.00 price target for the company. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group currently has a consensus rating of “Moderate Buy” and an average price target of $181.14.

Penske Automotive Group Trading Up 3.5%

Shares of Penske Automotive Group stock traded up $5.12 during trading on Wednesday, reaching $153.29. The company’s stock had a trading volume of 134,862 shares, compared to its average volume of 292,704. Penske Automotive Group has a 52-week low of $138.24 and a 52-week high of $189.51. The company has a market cap of $10.08 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.57 and a beta of 0.87. The firm’s 50-day moving average is $156.19 and its two-hundred day moving average is $161.70. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.19 by ($0.28). Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The business had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.62 billion. During the same period last year, the company posted $3.54 EPS. Penske Automotive Group’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Penske Automotive Group will post 13.86 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PAG. Bank of Montreal Can raised its holdings in Penske Automotive Group by 39,232.7% in the 4th quarter. Bank of Montreal Can now owns 863,352 shares of the company’s stock worth $136,660,000 after purchasing an additional 861,157 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Penske Automotive Group by 48.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company’s stock worth $241,958,000 after purchasing an additional 456,611 shares in the last quarter. Norges Bank bought a new position in Penske Automotive Group in the 4th quarter worth $32,137,000. Dimensional Fund Advisors LP raised its holdings in Penske Automotive Group by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company’s stock worth $204,761,000 after purchasing an additional 156,308 shares in the last quarter. Finally, Hamlin Capital Management LLC bought a new position in Penske Automotive Group in the 4th quarter worth $20,203,000. 77.08% of the stock is currently owned by institutional investors.

About Penske Automotive Group

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.