Penske Automotive Group (NYSE:PAG) Given New $193.00 Price Target at Citigroup

Penske Automotive Group (NYSE:PAG) had its price objective decreased by Citigroup from $200.00 to $193.00 in a research note released on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on PAG. Barclays dropped their target price on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday. Weiss Ratings cut Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. JPMorgan Chase & Co. dropped their target price on Penske Automotive Group from $175.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Finally, Bank of America assumed coverage on Penske Automotive Group in a report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $181.14.

Penske Automotive Group Stock Performance

NYSE PAG opened at $153.48 on Wednesday. The stock has a market capitalization of $10.09 billion, a PE ratio of 11.37, a P/E/G ratio of 1.57 and a beta of 0.87. The business has a 50 day simple moving average of $156.07 and a two-hundred day simple moving average of $161.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22. Penske Automotive Group has a 1-year low of $138.24 and a 1-year high of $189.51.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.19 by ($0.28). The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.62 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.54 EPS. On average, research analysts predict that Penske Automotive Group will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th were issued a $1.40 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. The ex-dividend date was Wednesday, February 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.6%. Penske Automotive Group’s dividend payout ratio (DPR) is presently 41.48%.

Hedge Funds Weigh In On Penske Automotive Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Navalign LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $26,000. International Assets Investment Management LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $30,000. Rothschild Investment LLC lifted its stake in shares of Penske Automotive Group by 935.3% during the 3rd quarter. Rothschild Investment LLC now owns 176 shares of the company’s stock worth $31,000 after acquiring an additional 159 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth approximately $33,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Penske Automotive Group during the 1st quarter worth approximately $42,000. Hedge funds and other 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.