Evercore ISI Lowers Penske Automotive Group Inc. (PAG) to Sell
Penske Automotive Group Inc. (NYSE:PAG) was downgraded by equities research analysts at Evercore ISI from a “hold” rating to a “sell” rating in a research note issued on Thursday, The Fly reports.
A number of other analysts have also issued reports on PAG. Zacks Investment Research lowered shares of Penske Automotive Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Seaport Global Securities began coverage on Penske Automotive Group in a research report on Tuesday, August 9th. They set a “neutral” rating for the company. Gabelli downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 15th. Finally, Stifel Nicolaus downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $48.00.
Penske Automotive Group (NYSE:PAG) opened at 46.27 on Thursday. Penske Automotive Group has a 52-week low of $29.29 and a 52-week high of $51.52. The firm’s 50-day moving average is $47.52 and its 200-day moving average is $39.57. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 12.36 and a beta of 1.56.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.02. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.17 billion. Penske Automotive Group had a net margin of 1.65% and a return on equity of 18.75%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Analysts predict that Penske Automotive Group will post $3.89 earnings per share for the current year.
In other news, EVP Shane M. Spradlin sold 4,900 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.31, for a total transaction of $236,719.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Roger S. Penske acquired 151,412 shares of the stock in a transaction dated Wednesday, August 10th. The shares were bought at an average cost of $39.85 per share, with a total value of $6,033,768.20. The disclosure for this purchase can be found here. Insiders own 37.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in PAG. Pacer Advisors Inc. acquired a new position in shares of Penske Automotive Group during the second quarter worth about $122,000. Panagora Asset Management Inc. acquired a new position in shares of Penske Automotive Group during the second quarter worth about $159,000. Teacher Retirement System of Texas increased its position in shares of Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock worth $198,000 after buying an additional 763 shares during the period. Suntrust Banks Inc. increased its position in shares of Penske Automotive Group by 8.0% in the second quarter. Suntrust Banks Inc. now owns 6,675 shares of the company’s stock worth $208,000 after buying an additional 492 shares during the period. Finally, Pacad Investment Ltd. acquired a new position in shares of Penske Automotive Group during the second quarter worth about $252,000. 40.52% of the stock is owned by institutional investors and hedge funds.
About Penske Automotive Group
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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