Penske Automotive Group (NYSE:PAG) Price Target Raised to $238.00 at Bank of America

Penske Automotive Group (NYSE:PAG) had its price objective hoisted by investment analysts at Bank of America from $200.00 to $238.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 30.17% from the company’s current price.

PAG has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Penske Automotive Group in a research report on Thursday, June 11th. Morgan Stanley restated an “overweight” rating and set a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. UBS Group began coverage on Penske Automotive Group in a research note on Wednesday, May 27th. They issued a “neutral” rating and a $167.00 target price on the stock. Stephens upped their price target on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Moderate Buy” and an average target price of $188.00.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $182.84 on Thursday. The company has a market cap of $12.02 billion, a PE ratio of 13.64, a P/E/G ratio of 2.39 and a beta of 0.87. The company has a fifty day moving average price of $172.97 and a two-hundred day moving average price of $163.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22. Penske Automotive Group has a 12 month low of $140.12 and a 12 month high of $189.51.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.14. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The company had revenue of $7.86 billion for the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the prior year, the company earned $3.66 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. Research analysts expect that Penske Automotive Group will post 13.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares in the company, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.90% of the company’s stock.

Institutional Investors Weigh In On Penske Automotive Group

Several hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in Penske Automotive Group by 6.7% during the 4th quarter. Victory Capital Management Inc. now owns 1,484,075 shares of the company’s stock worth $234,914,000 after purchasing an additional 92,794 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Penske Automotive Group by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,447,910 shares of the company’s stock worth $216,489,000 after buying an additional 154,443 shares during the period. Diamant Asset Management Inc. grew its holdings in shares of Penske Automotive Group by 14,852.0% during the first quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock valued at $132,237,000 after buying an additional 878,496 shares in the last quarter. Bank of Montreal Can raised its position in Penske Automotive Group by 39,232.7% during the fourth quarter. Bank of Montreal Can now owns 863,352 shares of the company’s stock valued at $136,660,000 after buying an additional 861,157 shares during the period. Finally, AQR Capital Management LLC raised its position in Penske Automotive Group by 6.6% during the third quarter. AQR Capital Management LLC now owns 726,490 shares of the company’s stock valued at $125,043,000 after buying an additional 44,749 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 (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.