Key Points
- Penske Automotive CFO Michelle Hulgrave sold 1,500 shares on June 2 at an average price of $171.80, totaling $257,700. After the sale, she still held 17,596 shares worth about $3.0 million.
- The company recently raised its quarterly dividend to $1.42 per share from $1.40, equal to an annualized yield of 3.3% and a payout ratio of 42.39%.
- Penske’s latest earnings beat expectations, with Q1 EPS of $3.05 versus the $2.91 consensus, while revenue came in at $7.86 billion and fell 1.1% year over year.
Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) CFO Michelle Hulgrave sold 1,500 shares of the business'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 value of $257,700.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Penske Automotive Group Stock Down 0.2%
Shares of NYSE PAG opened at $172.02 on Thursday. The stock has a market capitalization of $11.31 billion, a P/E ratio of 12.84, a PEG ratio of 2.23 and a beta of 0.87. Penske Automotive Group, Inc. has a one year low of $140.12 and a one year high of $189.51. The firm's 50 day simple moving average is $160.63 and its two-hundred day simple moving average is $160.93. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22.
Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $7.71 billion. During the same period in the previous year, the firm posted $3.66 earnings per share. The firm's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts expect that Penske Automotive Group, Inc. will post 13.46 EPS for the current fiscal year.
Penske Automotive Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th were paid a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Tuesday, May 26th. Penske Automotive Group's payout ratio is currently 42.39%.
Analysts Set New Price Targets
PAG has been the subject of several research analyst reports. Morgan Stanley reiterated an "overweight" rating and issued a $190.00 price objective on shares of Penske Automotive Group in a report on Thursday, May 7th. Stephens boosted their price objective on shares of Penske Automotive Group from $155.00 to $160.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Citigroup raised their target price on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Barclays decreased their price target on shares of Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $182.63.
View Our Latest Research Report on Penske Automotive Group
Hedge Funds Weigh In On Penske Automotive Group
Institutional investors and hedge funds have recently made changes to their positions in the business. Navalign LLC bought a new stake in shares of Penske Automotive Group in the 4th quarter worth approximately $26,000. International Assets Investment Management LLC bought a new position in shares of Penske Automotive Group during the fourth quarter valued at $30,000. Rothschild Investment LLC raised its position in shares of Penske Automotive Group by 935.3% in the 3rd quarter. Rothschild Investment LLC now owns 176 shares of the company's stock worth $31,000 after purchasing an additional 159 shares during the last quarter. Acadian Asset Management LLC bought a new position in Penske Automotive Group in the 1st quarter worth about $42,000. Finally, Global Retirement Partners LLC grew its position in Penske Automotive Group by 186.6% during the 4th quarter. Global Retirement Partners LLC now owns 321 shares of the company's stock valued at $51,000 after purchasing an additional 209 shares during the last quarter. 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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
