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

Penske Automotive Group (NYSE:PAG) had its price target cut by Citigroup from $200.00 to $193.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 25.91% from the stock’s previous close.

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

Penske Automotive Group Stock Up 3.5%

Shares of NYSE:PAG traded up $5.12 during midday 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. The firm has a 50 day moving average of $156.19 and a 200-day moving average of $161.70. The firm has a market capitalization of $10.08 billion, a P/E ratio of 11.36, a PEG ratio of 1.57 and a beta of 0.87. 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 has a 12-month low of $138.24 and a 12-month high of $189.51.

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

Institutional Trading of Penske Automotive Group

Several institutional investors have recently bought and sold shares of PAG. Bank of Montreal Can grew its position in Penske Automotive Group by 39,232.7% during the 4th quarter. Bank of Montreal Can now owns 863,352 shares of the company’s stock valued at $136,660,000 after purchasing an additional 861,157 shares during the last quarter. Victory Capital Management Inc. grew its position in Penske Automotive Group by 48.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company’s stock valued at $241,958,000 after purchasing an additional 456,611 shares during the last quarter. Norges Bank purchased a new stake in Penske Automotive Group during the 4th quarter valued at about $32,137,000. Dimensional Fund Advisors LP grew its position in Penske Automotive Group by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company’s stock valued at $204,761,000 after purchasing an additional 156,308 shares during the last quarter. Finally, Hamlin Capital Management LLC purchased a new stake in shares of Penske Automotive Group during the 4th quarter valued at about $20,203,000. 77.08% of the stock is owned by hedge funds and other 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.