Zacks: Analysts Anticipate Penske Automotive Group, Inc. (NYSE:PAG) Will Post Quarterly Sales of $5.09 Billion

Brokerages predict that Penske Automotive Group, Inc. (NYSE:PAG) will announce sales of $5.09 billion for the current quarter, Zacks reports. Two analysts have provided estimates for Penske Automotive Group’s earnings, with the lowest sales estimate coming in at $4.98 billion and the highest estimate coming in at $5.20 billion. Penske Automotive Group reported sales of $5.97 billion during the same quarter last year, which indicates a negative year over year growth rate of 14.7%. The firm is expected to issue its next earnings results on Tuesday, November 3rd.

According to Zacks, analysts expect that Penske Automotive Group will report full year sales of $20.03 billion for the current financial year, with estimates ranging from $19.79 billion to $20.33 billion. For the next year, analysts forecast that the firm will post sales of $22.34 billion, with estimates ranging from $20.93 billion to $23.27 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Penske Automotive Group.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 29th. The company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.01. The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Penske Automotive Group had a net margin of 1.53% and a return on equity of 11.48%. The firm’s revenue was down 36.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 earnings per share.

A number of analysts have weighed in on the stock. Northcoast Research cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating in a report on Friday, July 17th. SunTrust Banks increased their price objective on shares of Penske Automotive Group from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 17th. Zacks Investment Research cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating and set a $28.00 price objective on the stock. in a report on Tuesday, April 7th. Benchmark raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Penske Automotive Group from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Penske Automotive Group presently has a consensus rating of “Hold” and an average price target of $45.75.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its position in shares of Penske Automotive Group by 17.1% during the 1st quarter. Rhumbline Advisers now owns 69,351 shares of the company’s stock valued at $1,942,000 after purchasing an additional 10,144 shares in the last quarter. State Street Corp boosted its position in shares of Penske Automotive Group by 1.6% during the 1st quarter. State Street Corp now owns 647,040 shares of the company’s stock valued at $18,117,000 after purchasing an additional 10,284 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in shares of Penske Automotive Group during the 4th quarter valued at about $134,000. Royal Bank of Canada boosted its position in shares of Penske Automotive Group by 80.6% during the 1st quarter. Royal Bank of Canada now owns 26,737 shares of the company’s stock valued at $748,000 after purchasing an additional 11,930 shares in the last quarter. Finally, Man Group plc boosted its position in shares of Penske Automotive Group by 172.7% during the 4th quarter. Man Group plc now owns 76,853 shares of the company’s stock valued at $3,860,000 after purchasing an additional 48,670 shares in the last quarter. Hedge funds and other institutional investors own 39.60% of the company’s stock.

Shares of NYSE:PAG opened at $44.82 on Monday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 3.56 and a beta of 1.66. Penske Automotive Group has a 1-year low of $19.99 and a 1-year high of $53.81. The company’s fifty day moving average is $41.57 and its two-hundred day moving average is $39.50. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.22 and a current ratio of 0.94.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.

Featured Story: Overbought

Get a free copy of the Zacks research report on Penske Automotive Group (PAG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Penske Automotive Group (NYSE:PAG)

Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.