JPMorgan Chase & Co. Cuts Penske Automotive Group (NYSE:PAG) Price Target to $170.00

Penske Automotive Group (NYSE:PAG) had its target price decreased by analysts at JPMorgan Chase & Co. from $175.00 to $170.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 20.60% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Bank of America started coverage on Penske Automotive Group in a research note on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price target for the company. Barclays lifted their target price on Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. 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. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Moderate Buy” and a consensus price target of $183.71.

Penske Automotive Group Price Performance

Shares of PAG traded down $3.35 during mid-day trading on Friday, reaching $140.97. The company had a trading volume of 169,896 shares, compared to its average volume of 285,798. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22. The company’s 50-day moving average is $160.25 and its 200-day moving average is $165.13. Penske Automotive Group has a twelve month low of $134.05 and a twelve month high of $189.51. The company has a market capitalization of $9.27 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.49 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 EPS for the quarter, missing the consensus estimate 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 business had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.62 billion. During the same period in the previous year, the firm earned $3.54 earnings per share. The firm’s revenue was down 3.8% compared to the same quarter last year. On average, equities analysts anticipate that Penske Automotive Group will post 13.86 EPS for the current year.

Hedge Funds Weigh In On Penske Automotive Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in shares of 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Penske Automotive Group by 4.7% during 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 worth $9,918,000 after buying an additional 3,100 shares during the period. Acadian Asset Management LLC bought a new position in shares of Penske Automotive Group in the 1st quarter worth $42,000. Envestnet Asset Management Inc. grew its holdings in shares of Penske Automotive Group by 8.7% during the second 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 last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in Penske Automotive Group by 4.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 6,983 shares of the company’s stock worth $1,200,000 after purchasing an additional 276 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

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.