John D. Jr. Carlson Sells 7,000 Shares of Penske Automotive Group, Inc. (PAG) Stock
Penske Automotive Group, Inc. (NYSE:PAG) CFO John D. Jr. Carlson sold 7,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the completion of the transaction, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Penske Automotive Group, Inc. (NYSE PAG) traded down $0.40 during trading on Tuesday, hitting $46.20. 476,400 shares of the company traded hands, compared to its average volume of 469,011. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $56.05. The stock has a market capitalization of $3,996.79, a PE ratio of 10.97, a PEG ratio of 1.67 and a beta of 1.47.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. analysts predict that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, November 9th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.99%.
Penske Automotive Group announced that its board has approved a stock buyback plan on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
PAG has been the subject of a number of research analyst reports. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $46.00 price target (down previously from $54.00) on shares of Penske Automotive Group in a report on Monday, July 17th. Zacks Investment Research cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. BidaskClub cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Finally, Northcoast Research assumed coverage on shares of Penske Automotive Group in a report on Thursday, September 28th. They set a “buy” rating and a $56.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.00.
Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its position in Penske Automotive Group by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after buying an additional 175 shares during the period. Commonwealth Equity Services Inc acquired a new stake in Penske Automotive Group during the third quarter valued at $199,000. Oppenheimer & Co. Inc. acquired a new stake in Penske Automotive Group during the second quarter valued at $206,000. Stephens Inc. AR acquired a new stake in Penske Automotive Group during the third quarter valued at $230,000. Finally, Fox Run Management L.L.C. acquired a new stake in Penske Automotive Group during the third quarter valued at $252,000. Institutional investors own 41.05% of the company’s stock.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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