Penske Automotive Group (NYSE:PAG) Price Target Raised to $195.00

Penske Automotive Group (NYSE:PAG) had its price objective increased by Citigroup from $185.00 to $195.00 in a research report sent to investors on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reduced their price objective on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, March 27th. Finally, Stephens reissued an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $167.14 on Monday. Penske Automotive Group has a twelve month low of $134.05 and a twelve month high of $180.12. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $11.06 billion, a P/E ratio of 12.16 and a beta of 0.90. The stock’s 50 day moving average is $152.67 and its 200 day moving average is $158.85.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.12. The firm had revenue of $7.60 billion during the quarter, compared to analysts’ expectations of $7.68 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.21 earnings per share. On average, equities research analysts predict that Penske Automotive Group will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group announced that its board has approved a share repurchase program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be issued a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 3.02%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio is currently 35.49%.

Insider Buying and Selling at Penske Automotive Group

In other news, Director John Barr sold 1,529 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 51.70% of the company’s stock.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds have recently made changes to their positions in PAG. Bayforest Capital Ltd raised its stake in Penske Automotive Group by 1,772.7% during the 1st quarter. Bayforest Capital Ltd now owns 1,236 shares of the company’s stock valued at $178,000 after purchasing an additional 1,170 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Penske Automotive Group by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock valued at $9,918,000 after buying an additional 3,100 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Penske Automotive Group during the first quarter valued at approximately $666,000. Goldman Sachs Group Inc. lifted its holdings in shares of Penske Automotive Group by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after buying an additional 84,045 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of Penske Automotive Group by 2.4% during the first quarter. Dynamic Technology Lab Private Ltd now owns 4,260 shares of the company’s stock worth $613,000 after acquiring an additional 101 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.