Penske Automotive Group (NYSE:PAG) Upgraded to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Penske Automotive Group (NYSE:PAG) from a sell rating to a hold rating in a report issued on Thursday, Zacks.com reports. Zacks Investment Research currently has $49.00 price objective on the stock.

According to Zacks, “Penske Automotive is anticipated to benefit from acquisitions or opening of dealerships in the United States and European markets. The company completed a Commercial Truck Dealership acquisition in July 2019, which is likely to help it enhance non-auto diversification, and provide growth and increased profitability. Further, product diversification, stand-alone used-vehicle supercenters, and robust demand for medium-duty and Class 8 heavy-duty vehicles in North America are expected to aid its revenues. However, declining sales of new vehicles are hampering Penske Automotive’s top line. Moreover, rising competition and increasing price transparency can lead to lower selling prices, thus affecting the company profits. Further, its international business is exposed to fluctuations in foreign exchange rates.  “

PAG has been the topic of several other reports. ValuEngine lowered Penske Automotive Group from a hold rating to a sell rating in a research report on Thursday, July 11th. Morgan Stanley raised their price target on Penske Automotive Group from $57.00 to $59.00 and gave the stock an overweight rating in a research report on Tuesday. Finally, Northcoast Research restated a buy rating on shares of Penske Automotive Group in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Penske Automotive Group has a consensus rating of Hold and a consensus price target of $55.00.

Shares of NYSE:PAG traded up $0.42 during midday trading on Thursday, hitting $47.30. The company had a trading volume of 222,627 shares, compared to its average volume of 390,810. Penske Automotive Group has a 12 month low of $38.49 and a 12 month high of $49.28. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.80. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 1.54 and a beta of 1.30. The firm has a fifty day simple moving average of $45.08 and a 200 day simple moving average of $45.20.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.59 by ($0.17). Penske Automotive Group had a return on equity of 16.56% and a net margin of 2.00%. The company had revenue of $5.76 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the prior year, the business earned $1.58 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts forecast that Penske Automotive Group will post 5.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 8th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.47%. The ex-dividend date is Thursday, November 7th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.40. Penske Automotive Group’s dividend payout ratio (DPR) is presently 29.96%.

In related news, EVP Shane M. Spradlin sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $48.55, for a total transaction of $121,375.00. Following the sale, the executive vice president now owns 41,982 shares of the company’s stock, valued at approximately $2,038,226.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 42.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Penske Automotive Group by 5.7% in the 2nd quarter. BlackRock Inc. now owns 2,097,166 shares of the company’s stock valued at $99,196,000 after purchasing an additional 113,086 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Penske Automotive Group by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 533,537 shares of the company’s stock valued at $25,236,000 after purchasing an additional 22,129 shares during the period. Fenimore Asset Management Inc. raised its stake in shares of Penske Automotive Group by 1.6% in the 2nd quarter. Fenimore Asset Management Inc. now owns 398,445 shares of the company’s stock valued at $18,846,000 after purchasing an additional 6,185 shares during the period. Foresters Investment Management Company Inc. raised its stake in shares of Penske Automotive Group by 15.5% in the 2nd quarter. Foresters Investment Management Company Inc. now owns 397,100 shares of the company’s stock valued at $18,783,000 after purchasing an additional 53,200 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Penske Automotive Group by 2.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 268,154 shares of the company’s stock valued at $12,684,000 after purchasing an additional 5,190 shares during the period. 42.70% of the stock is currently owned by institutional investors and hedge funds.

About Penske Automotive Group

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.

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