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Penske Automotive Group, Inc. Message Board

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  • This Stock's Chart is Screaming Oversold -- Go Long Now!
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    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.

39.99-0.60(-1.48%)Oct 1 4:10 PMEDT

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