Key Points
- Director Greg Smith sold shares: Penske Automotive Group director Greg Smith sold 1,488 shares on May 18 for about $238,109.76, according to an SEC filing.
- Quarterly results beat expectations: The company reported $3.05 EPS versus the $2.91 consensus estimate and revenue of $7.86 billion, though revenue was still down 1.1% year over year.
- Dividend and analyst sentiment improved: Penske raised its quarterly dividend to $1.42 per share from $1.40, and analysts currently view the stock as a Moderate Buy with an average price target of $184.86.
Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) Director Greg Smith sold 1,488 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Penske Automotive Group Trading Up 1.6%
Shares of PAG stock opened at $158.92 on Thursday. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $189.51. The stock has a market cap of $10.45 billion, a P/E ratio of 11.86, a P/E/G ratio of 2.03 and a beta of 0.90. The business has a fifty day simple moving average of $156.27 and a 200-day simple moving average of $160.27. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39.
Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.14. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The business had revenue of $7.86 billion during the quarter, compared to analysts' expectations of $7.71 billion. During the same quarter last year, the business posted $3.66 earnings per share. The business's revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts forecast that Penske Automotive Group, Inc. will post 13.44 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th will be given a $1.42 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.40. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, May 26th. Penske Automotive Group's dividend payout ratio (DPR) is 41.79%.
Wall Street Analyst Weigh In
PAG has been the subject of a number of research analyst reports. Citigroup raised their price target on Penske Automotive Group from $193.00 to $199.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Weiss Ratings cut Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 16th. Morgan Stanley restated an "overweight" rating and issued a $190.00 price target on shares of Penske Automotive Group in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $165.00 to $170.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Stephens raised their price target on 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. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and an average target price of $184.86.
Check Out Our Latest Stock Analysis on Penske Automotive Group
Hedge Funds Weigh In On Penske Automotive Group
Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its position in shares of Penske Automotive Group by 6.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,484,075 shares of the company's stock valued at $234,914,000 after purchasing an additional 92,794 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Penske Automotive Group by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,447,910 shares of the company's stock valued at $216,489,000 after purchasing an additional 154,443 shares during the period. Diamant Asset Management Inc. grew its position in shares of Penske Automotive Group by 14,852.0% in the first quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company's stock valued at $132,237,000 after purchasing an additional 878,496 shares during the period. Bank of Montreal Can grew its position in shares of Penske Automotive Group by 39,232.7% in the fourth quarter. Bank of Montreal Can now owns 863,352 shares of the company's stock valued at $136,660,000 after purchasing an additional 861,157 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Penske Automotive Group by 6.6% in the third quarter. AQR Capital Management LLC now owns 726,490 shares of the company's stock valued at $125,043,000 after purchasing an additional 44,749 shares during the period. Hedge funds and other institutional investors own 77.08% of the company's stock.
Penske Automotive Group Company Profile
(
Get Free Report)
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.
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