KeyCorp Reiterates Hold Rating for Penske Automotive Group, Inc. (PAG)
Penske Automotive Group, Inc. (NYSE:PAG)‘s stock had its “hold” rating reissued by equities research analysts at KeyCorp in a report issued on Wednesday.
Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company reiterated a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a report on Monday, July 17th. Zacks Investment Research raised shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Northcoast Research started coverage on Penske Automotive Group in a report on Thursday, September 28th. They set a “buy” rating and a $56.00 price target for the company. Berenberg Bank assumed coverage on Penske Automotive Group in a research report on Wednesday. They set a “hold” rating and a $52.00 price objective for the company. Finally, ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $53.00.
Penske Automotive Group (PAG) traded down 0.5218% on Wednesday, hitting $47.6799. 100,468 shares of the company were exchanged. Penske Automotive Group has a 52 week low of $38.33 and a 52 week high of $56.05. The company has a market capitalization of $4.10 billion, a P/E ratio of 11.3659 and a beta of 1.45. The firm’s 50 day moving average is $43.26 and its 200 day moving average is $43.92.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Thursday, July 27th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.07. The firm had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 19.13%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 EPS. On average, equities research analysts forecast that Penske Automotive Group will post $4.31 earnings per share for the current fiscal year.
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In other Penske Automotive Group news, EVP Claude H. Denker III sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the transaction, the executive vice president now directly owns 22,243 shares of the company’s stock, valued at $917,968.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 40.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Managed Accounts LLC acquired a new position in Penske Automotive Group in the first quarter worth about $100,000. The Manufacturers Life Insurance Company increased its holdings in Penske Automotive Group by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after buying an additional 175 shares during the last quarter. Bank of Montreal Can increased its holdings in Penske Automotive Group by 10.9% in the first quarter. Bank of Montreal Can now owns 2,787 shares of the company’s stock valued at $131,000 after buying an additional 275 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Penske Automotive Group during the second quarter valued at approximately $206,000. Finally, PEAK6 Investments L.P. raised its stake in Penske Automotive Group by 5,767.4% during the first quarter. PEAK6 Investments L.P. now owns 5,046 shares of the company’s stock valued at $236,000 after buying an additional 4,960 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.
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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