Penske Automotive Group (NYSE:PAG) Research Coverage Started at Benchmark

Benchmark started coverage on shares of Penske Automotive Group (NYSE:PAG) in a research note issued to investors on Thursday morning, Marketbeat reports. The brokerage issued a buy rating on the stock.

A number of other analysts have also recently commented on the stock. Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $170.25.

Penske Automotive Group Price Performance

Shares of PAG stock opened at $163.26 on Thursday. The company has a market cap of $10.90 billion, a P/E ratio of 12.51 and a beta of 1.18. The stock’s 50-day moving average is $159.17 and its 200 day moving average is $157.63. Penske Automotive Group has a 1-year low of $142.32 and a 1-year high of $179.72. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.02). The firm had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $3.90 EPS. Research analysts predict that Penske Automotive Group will post 13.5 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Friday, November 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is 36.48%.

Institutional Trading of Penske Automotive Group

Several hedge funds and other institutional investors have recently bought and sold shares of PAG. Franklin Resources Inc. grew its stake in shares of Penske Automotive Group by 65.6% during the 3rd quarter. Franklin Resources Inc. now owns 12,316 shares of the company’s stock worth $1,906,000 after purchasing an additional 4,877 shares during the period. Tidal Investments LLC grew its position in Penske Automotive Group by 5.1% during the third quarter. Tidal Investments LLC now owns 1,830 shares of the company’s stock valued at $297,000 after buying an additional 88 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Penske Automotive Group during the third quarter valued at $94,000. Sanctuary Advisors LLC purchased a new position in Penske Automotive Group in the third quarter valued at $415,000. Finally, Virtu Financial LLC acquired a new position in shares of Penske Automotive Group in the third quarter worth about $284,000. 77.08% of the stock is 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.