Gabelli & Co. Downgrades Penske Automotive Group to Hold

Brokerage firm Gabelli & Co. Downgrades its rating on Penske Automotive Group(NYSE:PAG). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Gabelli & Co. was issued on Sep 15, 2016.

In a different note, Seaport Global said it Initiates Coverage on Penske Automotive Group, according to a research note issued on Aug 9, 2016. The shares have been rated ‘Neutral’ by the firm. On Jun 28, 2016, KeyBanc said it Downgrades its rating on Penske Automotive Group. The shares have been rated ‘Sector Perform’ by the firm.

Penske Automotive Group (PAG) shares turned negative on Tuesdays trading session with the shares closing down -0.21 points or -0.43% at a volume of 7,28,832. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $49.02. The peak price level was also seen at $49.02 while the days lowest was $47.97. Finally the shares closed at $48.26. The 52-week high of the shares is $52.67 while the 52-week low is $29.29. According to the latest information available, the market cap of the company is $4,111 M.

Penske Automotive Group(PAG) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $5.25B. Analysts had an estimated revenue of $5.17B. Earnings per share were $1.11. Analysts had estimated an EPS of $1.09.

Several Insider Transactions has been reported to the SEC. On Sep 14, 2016, Shane M. Spradlin (EVP, Gen. Counsel & Sec.) sold 4,900 shares at $48.31 per share price.Also, On Sep 12, 2016, Roger S Penske (CEO) purchased 327,602 shares at $48.05 per share price.On Sep 12, 2016, Corp Penske (10% owner) purchased 327,602 shares at $48.05 per share price, according to the Form-4 filing with the securities and exchange commission.

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. The Company operates in two segments: Retail Automotive which includes the Company’s retail automotive dealership operations and Other which include the Company’s retail commercial vehicle dealership operations commercial vehicle distribution operations and its investments in non-automotive retail operations. The individual dealership operations of Retail Automotive segment operates in four geographic regions: Eastern Central Western United States and International. As of December 31 2014 the Company operated 327 automotive retail franchises of which 179 franchises are located in the United States and 148 franchises are located outside of the United States.

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