Penske Automotive Group (NYSE:PAG) Hits New 1-Year High Following Analyst Upgrade

Shares of Penske Automotive Group, Inc. (NYSE:PAG) hit a new 52-week high on Thursday after Bank of America raised their price target on the stock from $200.00 to $238.00. Bank of America currently has a buy rating on the stock. Penske Automotive Group traded as high as $191.25 and last traded at $191.0250, with a volume of 114387 shares trading hands. The stock had previously closed at $182.52.

A number of other research analysts have also weighed in on PAG. Weiss Ratings reissued a “hold (c+)” rating on shares of Penske Automotive Group in a research report on Thursday, June 11th. UBS Group began coverage on shares of Penske Automotive Group in a report on Wednesday, May 27th. They issued a “neutral” rating and a $167.00 price target for the company. Stephens raised 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 research report on Monday, May 4th. Citigroup boosted their price objective on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus price target of $188.00.

Insiders Place Their Bets

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction 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 sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Greg C. Smith sold 1,488 shares of the 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. 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 institutional investors and hedge funds have recently added to or reduced their stakes in PAG. Parallel Advisors LLC boosted its holdings in Penske Automotive Group by 15.1% during the first quarter. Parallel Advisors LLC now owns 441 shares of the company’s stock valued at $66,000 after purchasing an additional 58 shares in the last quarter. Aptus Capital Advisors LLC lifted its position in shares of Penske Automotive Group by 5.4% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,261 shares of the company’s stock worth $219,000 after buying an additional 65 shares during the period. Bessemer Group Inc. boosted its stake in Penske Automotive Group by 8.5% in the 1st quarter. Bessemer Group Inc. now owns 830 shares of the company’s stock valued at $124,000 after buying an additional 65 shares in the last quarter. California State Teachers Retirement System boosted its stake in Penske Automotive Group by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock valued at $3,167,000 after buying an additional 65 shares in the last quarter. Finally, Rothschild Investment LLC grew its position in Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after acquiring an additional 66 shares during the period. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Up 4.4%

The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. The business has a 50-day simple moving average of $172.97 and a two-hundred day simple moving average of $163.70. The stock has a market capitalization of $12.53 billion, a P/E ratio of 14.22, a PEG ratio of 2.39 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $7.71 billion. During the same quarter in the prior year, the firm earned $3.66 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th were issued a dividend of $1.42 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a dividend yield of 3.0%. Penske Automotive Group’s dividend payout ratio (DPR) is 42.39%.

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.