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

Penske Automotive Group (NYSE:PAG) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $165.00 to $140.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 2.63% from the stock’s previous close.

Several other analysts have also recently commented on PAG. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Stephens restated an “equal weight” rating and set a $165.00 target price on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Finally, Benchmark assumed coverage on shares of Penske Automotive Group in a report on Thursday, December 12th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus target price of $166.25.

Penske Automotive Group Stock Performance

Shares of NYSE PAG traded down $6.22 during mid-day trading on Thursday, hitting $143.78. The stock had a trading volume of 117,396 shares, compared to its average volume of 178,740. The firm has a market cap of $9.60 billion, a PE ratio of 10.46 and a beta of 1.24. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The company has a 50 day moving average of $163.03 and a two-hundred day moving average of $159.62. Penske Automotive Group has a twelve month low of $141.20 and a twelve month high of $180.12.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.56 billion. Research analysts predict that Penske Automotive Group will post 13.86 EPS for the current fiscal year.

Insider Transactions at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the transaction, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company’s stock.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds have recently made changes to their positions in PAG. Janus Henderson Group PLC raised its stake in Penske Automotive Group by 36.9% in the 3rd quarter. Janus Henderson Group PLC now owns 39,569 shares of the company’s stock valued at $6,426,000 after purchasing an additional 10,663 shares during the last quarter. Highland Capital Management LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at about $240,000. Cerity Partners LLC lifted its stake in shares of Penske Automotive Group by 176.1% in the third quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock worth $2,166,000 after buying an additional 8,504 shares in the last quarter. Blue Trust Inc. boosted its position in Penske Automotive Group by 28.3% during the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock worth $198,000 after acquiring an additional 269 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in Penske Automotive Group in the 4th quarter valued at about $287,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.