Citigroup Has Lowered Expectations for Penske Automotive Group (NYSE:PAG) Stock Price

Penske Automotive Group (NYSE:PAG) had its price target lowered by equities research analysts at Citigroup from $200.00 to $193.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 24.39% from the company’s current price.

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

Penske Automotive Group Trading Up 1.2%

Shares of NYSE PAG opened at $155.15 on Wednesday. The firm’s 50 day moving average price is $156.04 and its 200-day moving average price is $161.60. The company has a market cap of $10.20 billion, a PE ratio of 11.49, a P/E/G ratio of 1.61 and a beta of 0.87. Penske Automotive Group has a 52-week low of $140.12 and a 52-week high of $189.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.99.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.62 billion. During the same period in the previous year, the firm earned $3.54 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities research analysts expect that Penske Automotive Group will post 13.86 EPS for the current fiscal year.

Institutional Trading of Penske Automotive Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in Penske Automotive Group by 6.7% during the fourth quarter. Victory Capital Management Inc. now owns 1,484,075 shares of the company’s stock valued at $234,914,000 after buying an additional 92,794 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Penske Automotive Group by 13.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company’s stock valued at $204,761,000 after buying an additional 156,308 shares during the last quarter. Bank of Montreal Can increased its holdings 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 last quarter. AQR Capital Management LLC increased its holdings 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 last quarter. Finally, State Street Corp increased its holdings in Penske Automotive Group by 3.3% during the fourth quarter. State Street Corp now owns 632,879 shares of the company’s stock valued at $100,178,000 after buying an additional 20,267 shares during the last quarter. 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.