Penske Automotive Group (NYSE:PAG) Price Target Raised to $212.00

Penske Automotive Group (NYSE:PAG) had its target price lifted by Morgan Stanley from $210.00 to $212.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other analysts have also issued research reports about the stock. Benchmark lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Citigroup downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $199.00 to $210.00 in a report on Thursday, July 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Penske Automotive Group from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. Barclays lifted their price objective on shares of Penske Automotive Group from $210.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, November 3rd. Finally, UBS Group reissued a “neutral” rating and set a $212.00 target price on shares of Penske Automotive Group in a report on Friday, October 16th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $214.86.

Penske Automotive Group Trading Up 0.3%

Shares of PAG opened at $214.13 on Monday. The business has a 50-day moving average of $209.83 and a 200 day moving average of $184.72. Penske Automotive Group has a fifty-two week low of $140.12 and a fifty-two week high of $227.00. The firm has a market cap of $14.06 billion, a P/E ratio of 15.62 and a beta of 0.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.21 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $3.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.01). The firm had revenue of $8.42 billion during the quarter, compared to the consensus estimate of $8.14 billion. Penske Automotive Group had a net margin of 2.77% and a return on equity of 14.82%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.23 earnings per share. As a group, research analysts forecast that Penske Automotive Group will post 13.39 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $1.46 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.44. This represents a $5.84 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, November 13th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 42.01%.

Institutional Investors Weigh In On Penske Automotive Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Penske Automotive Group during the second quarter valued at approximately $417,516,000. Bank of America Corp DE purchased a new stake in Penske Automotive Group in the 2nd quarter worth approximately $79,065,000. Bank of New York Mellon Corp purchased a new stake in Penske Automotive Group in the 2nd quarter worth approximately $67,822,000. Bruni J V & Co. Co. bought a new position in Penske Automotive Group in the 2nd quarter valued at $30,778,326. Finally, Dimensional Fund Advisors LP boosted its holdings in Penske Automotive Group by 11.9% in the 1st 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. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Company Profile

Penske Automotive Group is an international automotive and commercial vehicle retailer. The company operates franchised dealerships that sell new and used vehicles, along with parts and maintenance, repair, financing and insurance services. Its automotive dealerships represent a range of manufacturers, with a focus on premium and luxury brands. Penske also operates commercial truck dealerships, which sell new and used trucks and provide parts and service to business customers. Founded by Roger Penske, the company serves customers primarily in the United States and also has operations in several international markets, including the United Kingdom, Germany, Italy, Australia and Japan.