Penske Automotive Group, Inc. (NYSE:PAG) Receives $208.50 Average PT from Brokerages

Shares of Penske Automotive Group, Inc. (NYSE:PAG) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $208.50.

A number of equities research analysts have recently weighed in on PAG shares. Bank of America lifted their price objective on Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Stephens raised their price target on Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Citigroup cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price target for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. Finally, Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $216.36 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $205.10 and a 200-day moving average of $177.06. The firm has a market cap of $14.21 billion, a P/E ratio of 15.93 and a beta of 0.84. Penske Automotive Group has a 1-year low of $140.12 and a 1-year high of $227.00.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20. The company had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.Penske Automotive Group’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $3.78 earnings per share. Sell-side analysts expect that Penske Automotive Group will post 13.61 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $1.44 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, August 14th. Penske Automotive Group’s dividend payout ratio is presently 42.42%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its position in shares of Penske Automotive Group by 14,982.0% in the 2nd quarter. California State Teachers Retirement System now owns 3,677,601 shares of the company’s stock worth $658,107,000 after acquiring an additional 3,653,217 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Penske Automotive Group during the second quarter valued at approximately $417,516,000. Diamant Asset Management Inc. grew its stake in Penske Automotive Group by 14,852.0% in the first quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock worth $132,237,000 after purchasing an additional 878,496 shares during the period. Bank of Montreal Can grew its stake in Penske Automotive Group by 39,232.7% in the fourth quarter. Bank of Montreal Can now owns 863,352 shares of the company’s stock worth $136,660,000 after purchasing an additional 861,157 shares during the period. Finally, Bank of America Corp DE bought a new position in Penske Automotive Group in the second quarter worth $79,065,000. Hedge funds and other 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.