Stifel Nicolaus Lowers Penske Automotive Group Inc. (PAG) to Hold
A number of other research firms have also weighed in on PAG. Seaport Global Securities initiated coverage on Penske Automotive Group in a research report on Tuesday, August 9th. They issued a neutral rating for the company. Gabelli lowered Penske Automotive Group from a buy rating to a hold rating in a research report on Thursday, September 15th. TheStreet upgraded Penske Automotive Group from a hold rating to a buy rating in a research report on Friday, May 27th. Finally, Zacks Investment Research lowered Penske Automotive Group from a hold rating to a strong sell rating in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $48.00.
Shares of Penske Automotive Group (NYSE:PAG) opened at 48.26 on Friday. The firm has a market cap of $4.11 billion, a P/E ratio of 12.89 and a beta of 1.60. Penske Automotive Group has a 52-week low of $29.29 and a 52-week high of $51.84. The company’s 50-day moving average is $44.31 and its 200-day moving average is $38.51.
Penske Automotive Group (NYSE:PAG) last released its earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.17 billion. Penske Automotive Group had a return on equity of 18.75% and a net margin of 1.65%. Penske Automotive Group’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 earnings per share. Equities research analysts forecast that Penske Automotive Group will post $3.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Wednesday, August 10th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, August 8th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Penske Automotive Group’s dividend payout ratio (DPR) is 29.95%.
In related news, major shareholder Corp Penske acquired 710,121 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average cost of $39.10 per share, with a total value of $27,765,731.10. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Shane M. Spradlin sold 4,900 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $48.31, for a total value of $236,719.00. The disclosure for this sale can be found here. Insiders own 37.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PAG. Blue Chip Partners Inc. increased 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 during the last quarter. Schwab Charles Investment Management Inc. increased 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 during the last quarter. Lowe Brockenbrough & Co. Inc. bought a new position in shares of Penske Automotive Group during the second quarter worth $708,000. Stifel Financial Corp increased 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 during the last quarter. Finally, Legal & General Group Plc increased 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 during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.
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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