Penske Automotive Group (NYSE:PAG) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Penske Automotive Group (NYSE:PAG) from a buy rating to a neutral rating in a research report report published on Thursday morning, Marketbeat Ratings reports. They currently have $210.00 target price on the stock, up from their previous target price of $199.00.

Several other research analysts also recently issued reports on the stock. Stephens upped their price target on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Morgan Stanley restated an “overweight” rating and set a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. Bank of America upped their target price on Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. Finally, UBS Group set a $190.00 price target on Penske Automotive Group in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $196.00.

Penske Automotive Group Trading Up 0.9%

PAG opened at $217.56 on Thursday. The company has a market cap of $14.30 billion, a P/E ratio of 16.24, a PEG ratio of 2.81 and a beta of 0.87. The company has a current ratio of 0.96, a quick ratio of 0.22 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average is $180.75 and its 200-day moving average is $166.89. Penske Automotive Group has a 1-year low of $140.12 and a 1-year high of $219.09.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the prior year, the company earned $3.66 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts predict that Penske Automotive Group will post 13.43 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio (DPR) is 42.99%.

Insider Buying and Selling

In other news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were 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 in the company, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg C. Smith sold 1,488 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The disclosure for this sale is available in the SEC filing. 52.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penske Automotive Group

Several hedge funds and other institutional investors have recently bought and sold shares of PAG. Diamant Asset Management Inc. boosted its position in shares of Penske Automotive Group by 14,852.0% during the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock valued at $132,237,000 after purchasing an additional 878,496 shares in the last quarter. Bank of Montreal Can increased its holdings 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 in the last quarter. Norges Bank acquired a new position in Penske Automotive Group in the fourth quarter valued at approximately $32,137,000. Dimensional Fund Advisors LP lifted its stake in Penske Automotive Group by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company’s stock valued at $204,761,000 after buying an additional 156,308 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Penske Automotive Group by 48.6% during the 4th quarter. Bank of New York Mellon Corp now owns 375,767 shares of the company’s stock worth $59,480,000 after buying an additional 122,895 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group News Roundup

Here are the key news stories impacting Penske Automotive Group this week:

• Positive Sentiment: Penske Automotive confirmed receipt of a take-private bid, and the board created a special committee to review the offer, increasing speculation that a buyout could be completed at a premium. Penske Automotive Group Confirms Receipt of Take-Private Bid from Penske Corp., Mitsui
• Positive Sentiment: Penske Automotive announced its 23rd consecutive quarterly dividend increase, lifting the payout to $1.44 per share, which signals financial strength and supports shareholder returns. PENSKE AUTOMOTIVE GROUP ANNOUNCES 23RD QUARTERLY DIVIDEND INCREASE

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.