JPMorgan Chase & Co. Cuts Penske Automotive Group (NYSE:PAG) Price Target to $210.00

Penske Automotive Group (NYSE:PAG) had its target price trimmed by JPMorgan Chase & Co. from $215.00 to $210.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts also recently weighed in on the company. Bank of America boosted their target price on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Barclays lowered their price target on Penske Automotive Group from $225.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday. Citigroup lowered shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Stephens raised their target price on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $208.29.

Penske Automotive Group Stock Up 2.0%

Shares of NYSE:PAG opened at $198.19 on Tuesday. The company has a market cap of $13.01 billion, a price-to-earnings ratio of 14.59 and a beta of 0.92. Penske Automotive Group has a 12 month low of $140.12 and a 12 month high of $227.00. 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 company has a 50-day moving average price of $213.63 and a 200 day moving average price of $187.49.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The company had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same period in the previous year, the firm posted $3.78 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that Penske Automotive Group will post 13.6 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $1.44 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Friday, August 14th. This represents a $5.76 annualized dividend and a yield of 2.9%. Penske Automotive Group’s dividend payout ratio is presently 42.42%.

Hedge Funds Weigh In On Penske Automotive Group

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Penske Automotive Group by 46.6% during the third quarter. GAMMA Investing LLC now owns 629 shares of the company’s stock valued at $126,000 after acquiring an additional 200 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Penske Automotive Group by 4.1% in the third quarter. Farther Finance Advisors LLC now owns 2,272 shares of the company’s stock valued at $455,000 after purchasing an additional 90 shares during the period. CX Institutional grew its stake in Penske Automotive Group by 7.1% in the third quarter. CX Institutional now owns 7,966 shares of the company’s stock worth $1,596,000 after purchasing an additional 530 shares in the last quarter. QRG Capital Management Inc. grew its stake in Penske Automotive Group by 17.3% in the second quarter. QRG Capital Management Inc. now owns 2,240 shares of the company’s stock worth $401,000 after purchasing an additional 330 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Penske Automotive Group during the 2nd quarter worth $310,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

About Penske Automotive Group

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. The company sells new and used cars, trucks and other vehicles, representing a broad range of manufacturers and brands.

Its retail automotive operations also provide vehicle financing and insurance products, maintenance and repair services, replacement parts, collision repair, and other related services. Through its commercial vehicle operations, Penske Automotive Group serves businesses and fleet customers with heavy- and medium-duty trucks, parts and service support, and related transportation solutions.

The company serves customers primarily in the United States, the United Kingdom, Germany, Italy and Japan.