Penske Automotive Group (NYSE:PAG – Free Report) had its price target hoisted by JPMorgan Chase & Co. from $170.00 to $215.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.
Several other equities research analysts have also recently weighed in on PAG. UBS Group set a $190.00 price objective on Penske Automotive Group in a research report on Friday, July 10th. Morgan Stanley restated an “overweight” rating and set a $190.00 price target on shares of Penske Automotive Group in a research note on Thursday, May 7th. Weiss Ratings raised Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Bank of America upped their target price on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Barclays lifted their price target on shares of Penske Automotive Group from $190.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and an average price target of $207.88.
View Our Latest Stock Report on Penske Automotive Group
Penske Automotive Group Trading Up 0.3%
Penske Automotive Group (NYSE:PAG – Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.42 by $0.20. The firm had revenue of $8.51 billion for the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.78 EPS. Equities research analysts forecast that Penske Automotive Group will post 13.48 earnings per share for the current year.
Penske Automotive Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $1.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.7%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio is currently 41.83%.
Insider Buying and Selling
In related news, CFO Michelle Hulgrave sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the transaction, the chief financial officer owned 17,596 shares in the company, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The SEC filing for this sale provides additional information. Corporate insiders own 52.90% of the company’s stock.
Institutional Investors Weigh In On Penske Automotive Group
Hedge funds have recently added to or reduced their stakes in the stock. Navalign LLC acquired a new position in shares of Penske Automotive Group during the fourth quarter worth approximately $26,000. International Assets Investment Management LLC bought a new position in Penske Automotive Group in the 4th quarter valued at $30,000. Rothschild Investment LLC lifted its stake in shares of Penske Automotive Group by 37.5% during the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after acquiring an additional 66 shares during the period. Versant Capital Management Inc boosted its holdings in Penske Automotive Group by 179.0% in the second quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock valued at $50,000 after acquiring an additional 179 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Penske Automotive Group in the first quarter worth about $42,000. Institutional investors own 77.08% of the company’s stock.
About Penske Automotive Group
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
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