Penske Automotive Group (NYSE:PAG) Hits New 12-Month High – Here’s Why

Shares of Penske Automotive Group, Inc. (NYSE:PAG) reached a new 52-week high on Wednesday . The company traded as high as $210.25 and last traded at $214.5520, with a volume of 37365 shares trading hands. The stock had previously closed at $195.19.

Analyst Ratings Changes

A number of brokerages recently commented on PAG. Barclays lifted their price objective on Penske Automotive Group from $190.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Morgan Stanley reissued an “overweight” rating and issued a $190.00 target price on shares of Penske Automotive Group in a research note on Thursday, May 7th. Citigroup raised their target price on Penske Automotive Group from $193.00 to $199.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on Penske Automotive Group from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Benchmark reiterated a “buy” rating on shares of Penske Automotive Group in a research report on Friday, July 10th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $194.62.

Penske Automotive Group Price Performance

The company has a 50-day moving average of $177.76 and a 200-day moving average of $165.74. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The firm has a market capitalization of $14.31 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 2.53 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, April 29th. The company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.91 by $0.14. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The firm had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same period last year, the company posted $3.66 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, research analysts anticipate that Penske Automotive Group, Inc. will post 13.43 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th were issued a dividend of $1.42 per share. The ex-dividend date was Tuesday, May 26th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio (DPR) is 42.39%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,488 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total transaction of $238,109.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Hulgrave sold 1,500 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 52.90% of the company’s stock.

Institutional Investors Weigh In On Penske Automotive Group

Institutional investors have recently bought and sold shares of the company. Navalign LLC acquired a new position in Penske Automotive Group during the 4th quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at approximately $30,000. Rothschild Investment LLC lifted its position in shares of Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after purchasing an additional 66 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Penske Automotive Group in the first quarter worth $42,000. Finally, Versant Capital Management Inc boosted its holdings in Penske Automotive Group by 179.0% during the second quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock worth $50,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Company Profile

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.