I just started tracking Penske and I notice that they are consistently restating almost every line item in their financial statements each year. For example the cash balance in 2013 of $49.3m was restated in the 2014 annual report at $50.3m. Does anyone know the reasoning behind this?
So…for those people that sold I guess if the analyst had estimated two pennies lower then we would have been up today. Makes a lot of sense, right? Don't worry about revenues, profits, and dividends all going up. Just focus on what the analyst estimates and whether or not the company exceeds that.
There are apparently lots of people in the market who do not need to be in the market. If you buy on Tuesday and you are worried about where the stock will be on Wednesday then you need to be at a casino instead.
This one will go higher - much higher - just got to be patient and let the constantly increasing revenues, earnings, and dividends add up to something that can't be ignored.
It seems to be industry wide. AN down 6.4%; GPI down5.43% SAH down 7.76% . No news on any of them. Is this a buying opportunity or has something happened??
This Stock's Chart is Screaming Oversold -- Go Long Now!
Share on facebookShare on twitterShare on emailShare on print
By Jared Levy on September 12, 2014
When a stock reaches oversold levels on the charts without any discernable fundamental reason for doing so, a bullish opportunity often presents itself. That is the case with today's trade, Penske Automotive Group (NYSE: PAG).
The stock is 15% off its July 7 high, and not only has there been a lack of bearish news, the news has been downright bullish.
The second-largest auto dealership group in the United States announced a 5% increase in its quarterly dividend to $0.20 per share in mid-July.
Two weeks later, it reported record quarterly profits, with income from continuing operations increasing 28% from the year-ago quarter to $80.3 million. Earnings per share (EPS) jumped 27% to $0.89, beating consensus estimates by $0.02.
Analysts have steadily increased their full-year earnings projections. They now stand at $3.27 per share for 2014, up from $3.18 three months ago. And 2015 EPS estimates have risen to $3.64 from $3.53 in the past 90 days.
The mean consensus target for the stock is $53.67, more than 20% above the recent price, and no analysts currently have a "sell" rating on the shares.
So, with fundamentals bullish, we turn to the chart where several indicators are screaming oversold.