Analysts Set Penske Automotive Group, Inc. (NYSE:PAG) Price Target at $172.50

Penske Automotive Group, Inc. (NYSE:PAG) has received an average recommendation of “Hold” from the five ratings firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $172.50.

A number of brokerages have recently weighed in on PAG. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $160.00 to $165.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 19th. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Benchmark assumed coverage on Penske Automotive Group in a research note on Thursday, December 12th. They issued a “buy” rating on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $165.00 target price on shares of Penske Automotive Group in a research note on Tuesday, February 18th.

Penske Automotive Group Stock Performance

PAG stock opened at $150.06 on Friday. The stock has a 50-day moving average price of $163.03 and a 200-day moving average price of $159.62. Penske Automotive Group has a 1-year low of $142.32 and a 1-year high of $180.12. The firm has a market cap of $10.02 billion, a PE ratio of 10.91 and a beta of 1.24. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.37 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. As a group, equities research analysts expect that Penske Automotive Group will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were issued a $1.22 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.88 annualized dividend and a yield of 3.25%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s dividend payout ratio (DPR) is 35.49%.

Insider Activity

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $173.03, for a total value of $1,513,320.38. Following the transaction, the executive vice president now directly owns 28,917 shares in the company, valued at $5,003,508.51. This represents a 23.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Barr sold 1,529 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. Insiders own 51.70% of the company’s stock.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds and other institutional investors have recently modified their holdings of PAG. Norges Bank purchased a new position in shares of Penske Automotive Group in the fourth quarter worth about $22,049,000. Moran Wealth Management LLC bought a new position in shares of Penske Automotive Group during the fourth quarter valued at about $14,157,000. Bank of New York Mellon Corp lifted its holdings in Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after buying an additional 51,720 shares during the period. Millennium Management LLC grew its position in shares of Penske Automotive Group by 43.9% in the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company’s stock worth $19,555,000 after buying an additional 39,113 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Penske Automotive Group by 17.4% during the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company’s stock valued at $39,560,000 after buying an additional 38,388 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

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.