Key Points
- CFO Michelle Hulgrave sold 2,100 shares on Nov. 24 at an average price of $160.17 for $336,357, reducing her stake by 11.1% to 16,822 shares.
- Penske raised its quarterly dividend to $1.38 (annualized $5.52), yielding about 3.4%, with the ex-dividend date reported as Nov. 14.
- The company slightly missed quarterly estimates (EPS $3.23 vs. $3.48 forecast; revenue $7.70B vs. $7.71B) while analysts maintain a consensus rating of Moderate Buy and an average price target of $185.86.
Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $160.17, for a total transaction of $336,357.00. Following the sale, the chief financial officer directly owned 16,822 shares in the company, valued at approximately $2,694,379.74. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Penske Automotive Group Stock Up 3.1%
Shares of PAG opened at $163.09 on Wednesday. The firm has a market cap of $10.74 billion, a P/E ratio of 11.48 and a beta of 0.90. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $189.51. The stock's 50 day moving average is $166.13 and its two-hundred day moving average is $171.52. The company has a current ratio of 0.97, a quick ratio of 0.21 and a debt-to-equity ratio of 0.22.
Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its earnings results on Wednesday, October 29th. The company reported $3.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.48 by ($0.25). The business had revenue of $7.70 billion for the quarter, compared to analysts' expectations of $7.71 billion. Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. The company's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the business earned $3.39 EPS. Analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 2nd. Investors of record on Friday, November 14th will be given a dividend of $1.38 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.32. The ex-dividend date is Friday, November 14th. This represents a $5.52 annualized dividend and a dividend yield of 3.4%. Penske Automotive Group's payout ratio is currently 38.85%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PAG shares. Benchmark boosted their price objective on Penske Automotive Group from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Wednesday, September 17th. Weiss Ratings reissued a "buy (b)" rating on shares of Penske Automotive Group in a research note on Friday, October 31st. JPMorgan Chase & Co. dropped their target price on shares of Penske Automotive Group from $180.00 to $175.00 and set a "neutral" rating for the company in a report on Wednesday, November 5th. Barclays began coverage on shares of Penske Automotive Group in a research note on Tuesday, November 11th. They issued an "overweight" rating and a $195.00 price target on the stock. Finally, Citigroup raised their target price on shares of Penske Automotive Group from $200.00 to $206.00 and gave the stock a "buy" rating in a research note on Thursday, September 25th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average price target of $185.86.
Check Out Our Latest Stock Report on Penske Automotive Group
Hedge Funds Weigh In On Penske Automotive Group
Several institutional investors and hedge funds have recently bought and sold shares of PAG. Ethic Inc. increased its stake in Penske Automotive Group by 5.3% during the second quarter. Ethic Inc. now owns 2,110 shares of the company's stock worth $366,000 after acquiring an additional 106 shares during the last quarter. Bahl & Gaynor Inc. lifted its stake in shares of Penske Automotive Group by 32.7% in the 2nd quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company's stock valued at $21,953,000 after purchasing an additional 31,463 shares during the last quarter. Avantax Advisory Services Inc. purchased a new position in shares of Penske Automotive Group during the 1st quarter worth $247,000. Trexquant Investment LP acquired a new stake in shares of Penske Automotive Group during the 1st quarter worth about $471,000. Finally, WBI Investments LLC purchased a new stake in Penske Automotive Group in the 2nd quarter valued at about $2,305,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.
About Penske Automotive Group
(
Get Free Report)
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.
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