JPMorgan Chase & Co. Issues Pessimistic Forecast for Penske Automotive Group (NYSE:PAG) Stock Price

Penske Automotive Group (NYSE:PAG) had its price target cut by investment analysts at JPMorgan Chase & Co. from $175.00 to $170.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 20.99% from the company’s current price.

Several other brokerages have also recently weighed in on PAG. Barclays upped their price objective on shares of Penske Automotive Group from $190.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 17th. Bank of America assumed coverage on Penske Automotive Group in a report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 target price on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Penske Automotive Group in a research report on Monday, December 8th. Finally, Weiss Ratings cut Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. Six research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.71.

Penske Automotive Group Stock Down 2.6%

Shares of NYSE:PAG opened at $140.51 on Friday. Penske Automotive Group has a 52 week low of $134.05 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. The company’s fifty day moving average is $159.76 and its 200-day moving average is $164.69. The company has a market capitalization of $9.24 billion, a PE ratio of 10.41, a P/E/G ratio of 1.46 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG) last announced its earnings results 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 return on equity of 15.77% and a net margin of 2.91%.The firm had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.62 billion. During the same quarter last year, the business earned $3.54 EPS. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. Equities research analysts predict that Penske Automotive Group will post 13.86 earnings per share for the current fiscal year.

Institutional Trading of Penske Automotive Group

Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its position in Penske Automotive Group by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after purchasing an additional 84,045 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Penske Automotive Group by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock valued at $9,918,000 after buying an additional 3,100 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Penske Automotive Group in the 1st quarter valued at $42,000. Envestnet Asset Management Inc. increased its stake in shares of Penske Automotive Group by 8.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,281 shares of the company’s stock valued at $907,000 after buying an additional 423 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its position in shares of Penske Automotive Group by 4.1% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,983 shares of the company’s stock worth $1,200,000 after acquiring an additional 276 shares during the last quarter. 77.08% of the stock is 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.