Brokerages expect Penske Automotive Group, Inc. (NYSE:PAG) to report sales of $5.33 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Penske Automotive Group’s earnings, with the highest sales estimate coming in at $5.45 billion and the lowest estimate coming in at $5.27 billion. Penske Automotive Group reported sales of $5.25 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.5%. The firm is scheduled to report its next quarterly earnings report before the market opens on Thursday, July 27th.
On average, analysts expect that Penske Automotive Group will report full-year sales of $5.33 billion for the current year, with estimates ranging from $20.76 billion to $21.33 billion. For the next fiscal year, analysts forecast that the business will post sales of $21.25 billion per share, with estimates ranging from $20.68 billion to $21.92 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Penske Automotive Group.
Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, April 26th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. Penske Automotive Group had a net margin of 1.70% and a return on equity of 19.06%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the company posted $0.90 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis.
PAG has been the subject of several research reports. BidaskClub upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Morgan Stanley decreased their price objective on shares of Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, June 9th. Gabelli upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Thursday, April 27th. ValuEngine downgraded shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, April 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Penske Automotive Group has a consensus rating of “Hold” and an average target price of $52.67.
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In related news, EVP Shane M. Spradlin sold 1,900 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $43.64, for a total value of $82,916.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Robert H. Kurnick, Jr. sold 11,172 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $42.48, for a total transaction of $474,586.56. Following the completion of the sale, the president now directly owns 89,405 shares in the company, valued at $3,797,924.40. The disclosure for this sale can be found here. Corporate insiders own 40.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Rothschild Asset Management Inc. bought a new stake in Penske Automotive Group during the first quarter valued at about $13,780,000. Norges Bank bought a new stake in Penske Automotive Group during the fourth quarter valued at about $10,158,000. Fiduciary Management Inc. WI boosted its stake in Penske Automotive Group by 13.3% in the first quarter. Fiduciary Management Inc. WI now owns 1,442,655 shares of the company’s stock valued at $67,531,000 after buying an additional 168,845 shares in the last quarter. LSV Asset Management boosted its stake in Penske Automotive Group by 6.3% in the first quarter. LSV Asset Management now owns 2,416,007 shares of the company’s stock valued at $113,093,000 after buying an additional 142,956 shares in the last quarter. Finally, Fenimore Asset Management Inc. boosted its stake in Penske Automotive Group by 48.4% in the second quarter. Fenimore Asset Management Inc. now owns 320,979 shares of the company’s stock valued at $14,094,000 after buying an additional 104,729 shares in the last quarter. 39.10% of the stock is currently owned by hedge funds and other institutional investors.
Penske Automotive Group (PAG) traded down 0.05% during trading on Friday, hitting $43.63. 470,667 shares of the company were exchanged. Penske Automotive Group has a 12 month low of $34.72 and a 12 month high of $56.05. The company has a 50-day moving average of $43.05 and a 200-day moving average of $47.08. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 10.76 and a beta of 1.49.
About Penske Automotive Group
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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