Penske Automotive Group (NYSE:PAG) PT Raised to $180.00 at Bank of America

Penske Automotive Group (NYSE:PAG) had its price target hoisted by Bank of America from $175.00 to $180.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Morgan Stanley lifted their price target on shares of Penske Automotive Group from $107.00 to $115.00 and gave the stock an underweight rating in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group currently has a consensus rating of Hold and a consensus target price of $163.20.

Penske Automotive Group Trading Down 0.3 %

Shares of NYSE:PAG opened at $150.01 on Wednesday. Penske Automotive Group has a 52 week low of $133.72 and a 52 week high of $180.84. The company’s 50 day moving average is $153.18 and its two-hundred day moving average is $153.41. The company has a current ratio of 1.00, a quick ratio of 0.25 and a debt-to-equity ratio of 0.30. The company has a market cap of $10.06 billion, a PE ratio of 9.69 and a beta of 1.19.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $3.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.21). Penske Automotive Group had a return on equity of 24.19% and a net margin of 3.57%. The business had revenue of $7.27 billion for the quarter, compared to analysts’ expectations of $7.18 billion. During the same period in the previous year, the business posted $4.21 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts predict that Penske Automotive Group will post 13.83 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were issued a $0.87 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.79. The ex-dividend date was Wednesday, February 14th. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.32%. Penske Automotive Group’s dividend payout ratio is currently 22.48%.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 1,600 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total transaction of $246,480.00. Following the transaction, the director now owns 716 shares in the company, valued at $110,299.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Penske Automotive Group news, Director John Barr sold 1,600 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total transaction of $246,480.00. Following the completion of the transaction, the director now directly owns 716 shares in the company, valued at $110,299.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Greg C. Smith sold 1,604 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total value of $239,605.52. Following the transaction, the director now owns 51,001 shares of the company’s stock, valued at $7,618,529.38. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penske Automotive Group

Institutional investors have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC acquired a new position in Penske Automotive Group during the 4th quarter worth approximately $260,702,000. Vanguard Group Inc. raised its stake in Penske Automotive Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock valued at $326,800,000 after acquiring an additional 5,399 shares during the period. BlackRock Inc. increased its position in Penske Automotive Group by 4.6% during the 3rd quarter. BlackRock Inc. now owns 1,404,836 shares of the company’s stock worth $138,279,000 after buying an additional 61,972 shares during the period. Goldman Sachs Group Inc. increased its position in Penske Automotive Group by 24.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 827,445 shares of the company’s stock worth $86,625,000 after buying an additional 164,060 shares during the period. Finally, Burgundy Asset Management Ltd. grew its holdings in shares of Penske Automotive Group by 3.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 755,463 shares of the company’s stock worth $121,259,000 after purchasing an additional 27,055 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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.