Penske Automotive Group Inc. (PAG) Rating Lowered to Hold at Gabelli
A number of other research analysts have also recently commented on the company. Seaport Global Securities assumed coverage on Penske Automotive Group in a research report on Tuesday, August 9th. They set a neutral rating on the stock. Zacks Investment Research cut Penske Automotive Group from a hold rating to a strong sell rating in a research report on Monday, July 18th. Finally, TheStreet raised Penske Automotive Group from a hold rating to a buy rating in a research report on Friday, May 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $48.00.
Shares of Penske Automotive Group (NYSE:PAG) opened at 48.26 on Thursday. Penske Automotive Group has a 1-year low of $29.29 and a 1-year high of $51.84. The company has a 50-day moving average price of $44.31 and a 200 day moving average price of $38.51. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 12.89 and a beta of 1.60.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. Penske Automotive Group had a return on equity of 18.75% and a net margin of 1.65%. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.17 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts predict that Penske Automotive Group will post $3.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 10th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Monday, August 8th. Penske Automotive Group’s payout ratio is presently 29.95%.
In related news, EVP Shane M. Spradlin sold 4,900 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.31, for a total transaction of $236,719.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Corp Penske acquired 710,121 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were bought at an average price of $39.10 per share, for a total transaction of $27,765,731.10. The disclosure for this purchase can be found here. Corporate insiders own 37.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Blue Chip Partners Inc. raised its position in shares of Penske Automotive Group by 11.0% in the second quarter. Blue Chip Partners Inc. now owns 26,178 shares of the company’s stock worth $824,000 after buying an additional 2,586 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Penske Automotive Group by 9.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 225,131 shares of the company’s stock worth $7,083,000 after buying an additional 19,002 shares in the last quarter. Lowe Brockenbrough & Co. Inc. acquired a new position in shares of Penske Automotive Group during the second quarter worth $708,000. Stifel Financial Corp raised its position in shares of Penske Automotive Group by 55.2% in the second quarter. Stifel Financial Corp now owns 121,079 shares of the company’s stock worth $3,810,000 after buying an additional 43,068 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Penske Automotive Group by 21.1% in the second quarter. Legal & General Group Plc now owns 37,542 shares of the company’s stock worth $1,181,000 after buying an additional 6,532 shares in the last quarter. Institutional investors own 40.52% of the company’s stock.
Penske Automotive Group Company Profile
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.
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