Penske Automotive Group (NYSE:PAG) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Penske Automotive Group (NYSE:PAG) posted its earnings results on Wednesday. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20, Zacks reports. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. During the same period in the previous year, the firm posted $3.78 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis.

Penske Automotive Group Trading Up 0.5%

Shares of PAG traded up $1.01 during midday trading on Wednesday, hitting $221.02. The stock had a trading volume of 153,389 shares, compared to its average volume of 318,015. Penske Automotive Group has a 1 year low of $140.12 and a 1 year high of $227.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22. The stock’s 50 day moving average is $183.13 and its 200 day moving average is $167.72. The firm has a market cap of $14.53 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 2.79 and a beta of 0.87.

Penske Automotive Group Increases Dividend

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

Insider Transactions at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 52.90% of the company’s stock.

Institutional Trading of Penske Automotive Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PAG. Acadian Asset Management LLC bought a new stake in shares of Penske Automotive Group during the first quarter worth $42,000. Global Retirement Partners LLC grew its holdings in shares of Penske Automotive Group by 186.6% in the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock worth $51,000 after purchasing an additional 209 shares during the last quarter. State of Wyoming purchased a new position in Penske Automotive Group in the 4th quarter worth about $67,000. UMB Bank n.a. increased its stake in Penske Automotive Group by 20.8% in the 4th quarter. UMB Bank n.a. now owns 488 shares of the company’s stock worth $77,000 after buying an additional 84 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in Penske Automotive Group by 506.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company’s stock valued at $151,000 after buying an additional 735 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

PAG has been the topic of a number of recent research reports. Weiss Ratings raised Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Barclays boosted their price target on Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Bank of America upped their price target on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Finally, UBS Group set a $190.00 target price on shares of Penske Automotive Group in a research note on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $196.00.

About Penske Automotive Group

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.