Penske Automotive Group Inc. (PAG) Downgraded by Stifel Nicolaus to “Hold”
Several other research firms have also recently commented on PAG. Seaport Global Securities started coverage on shares of Penske Automotive Group in a research note on Tuesday, August 9th. They set a neutral rating on the stock. Gabelli cut shares of Penske Automotive Group from a buy rating to a hold rating in a research note on Thursday, September 15th. TheStreet raised shares of Penske Automotive Group from a hold rating to a buy rating in a research note on Friday, May 27th. Finally, Zacks Investment Research cut shares of Penske Automotive Group from a hold rating to a strong sell rating in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $48.00.
Penske Automotive Group (NYSE:PAG) opened at 48.28 on Friday. The firm’s 50-day moving average is $44.60 and its 200 day moving average is $38.58. The stock has a market capitalization of $4.11 billion, a PE ratio of 12.90 and a beta of 1.60. Penske Automotive Group has a 52-week low of $29.29 and a 52-week high of $51.84.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.02. Penske Automotive Group had a net margin of 1.65% and a return on equity of 18.75%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.17 billion. During the same period in the prior year, the firm earned $1.04 earnings per share. Penske Automotive Group’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Penske Automotive Group will post $3.89 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 10th were issued a $0.28 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date was Monday, August 8th. Penske Automotive Group’s dividend payout ratio is currently 29.95%.
In other Penske Automotive Group news, EVP Shane M. Spradlin sold 4,900 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.31, for a total value of $236,719.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Roger S. Penske bought 151,412 shares of the business’s stock in a transaction on Wednesday, August 10th. The stock was purchased at an average price of $39.85 per share, for a total transaction of $6,033,768.20. The disclosure for this purchase can be found here. 37.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of PAG. Pacer Advisors Inc. purchased a new stake in Penske Automotive Group during the second quarter valued at $122,000. Panagora Asset Management Inc. purchased a new stake in Penske Automotive Group during the second quarter valued at $159,000. Teacher Retirement System of Texas raised its stake in Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock valued at $198,000 after buying an additional 763 shares during the period. Suntrust Banks Inc. raised its stake in Penske Automotive Group by 8.0% in the second quarter. Suntrust Banks Inc. now owns 6,675 shares of the company’s stock valued at $208,000 after buying an additional 492 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in Penske Automotive Group during the second quarter valued at $252,000. Institutional investors own 40.52% of the company’s stock.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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