Penske Automotive Group (NYSE:PAG) Price Target Raised to $195.00

Penske Automotive Group (NYSE:PAG) had its price objective upped by Citigroup from $185.00 to $195.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on PAG. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their target price on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, March 27th. Finally, Stephens restated an “equal weight” rating and set a $140.00 target price on shares of Penske Automotive Group in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $167.00.

Penske Automotive Group Stock Performance

NYSE PAG opened at $162.27 on Monday. The stock has a 50-day simple moving average of $153.29 and a two-hundred day simple moving average of $158.93. The firm has a market capitalization of $10.74 billion, a P/E ratio of 11.80 and a beta of 0.90. Penske Automotive Group has a fifty-two week low of $134.05 and a fifty-two week high of $180.12. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $3.21 EPS. On average, equities analysts forecast that Penske Automotive Group will post 13.86 earnings per share for the current year.

Penske Automotive Group announced that its board has approved a share buyback plan on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be given a dividend of $1.26 per share. The ex-dividend date is Tuesday, May 27th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.11%. Penske Automotive Group’s dividend payout ratio (DPR) is 35.49%.

Insider Buying and Selling

In related news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 51.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penske Automotive Group

Several institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in Penske Automotive Group in the 1st quarter worth about $42,000. Bayforest Capital Ltd boosted its holdings in Penske Automotive Group by 1,772.7% in the 1st quarter. Bayforest Capital Ltd now owns 1,236 shares of the company’s stock worth $178,000 after buying an additional 1,170 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Penske Automotive Group by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock worth $9,918,000 after buying an additional 3,100 shares during the last quarter. Caxton Associates LLP acquired a new stake in Penske Automotive Group in the 1st quarter worth about $666,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Penske Automotive Group by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after buying an additional 84,045 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

About Penske Automotive Group

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.