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Penske Automotive Group (NYSE:PAG) Sees Strong Trading Volume

Financial News Live · Sep 28, 2022 09:02

Shares of Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) saw strong trading volume on Monday . 38,882 shares were traded during mid-day trading, a decline of 89% from the previous session's volume of 367,552 shares.The stock last traded at $97.71 and had previously closed at $100.37.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com cut shares of Penske Automotive Group from a "strong-buy" rating to a "buy" rating in a report on Monday, August 1st. Morgan Stanley lowered their price target on shares of Penske Automotive Group from $95.00 to $93.00 and set an "underweight" rating on the stock in a report on Thursday, July 14th. Finally, Bank of America lowered their price target on shares of Penske Automotive Group from $185.00 to $182.00 and set a "buy" rating on the stock in a report on Friday, September 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and an average target price of $124.60.

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Penske Automotive Group Stock Up 4.5 %

The business's 50 day moving average is $113.25 and its 200 day moving average is $108.79. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 5.56, a PEG ratio of 0.92 and a beta of 1.20. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG – Get Rating) last released its earnings results on Wednesday, July 27th. The company reported $4.93 EPS for the quarter, topping analysts' consensus estimates of $4.47 by $0.46. The company had revenue of $6.91 billion during the quarter, compared to analysts' expectations of $7.07 billion. Penske Automotive Group had a net margin of 5.28% and a return on equity of 34.68%. Penske Automotive Group's revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the business earned $4.47 EPS. Sell-side analysts anticipate that Penske Automotive Group, Inc. will post 18.16 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Wednesday, August 10th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 2.10%. Penske Automotive Group's dividend payout ratio (DPR) is currently 11.68%.

Insiders Place Their Bets

In other Penske Automotive Group news, Director John Barr sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $116.06, for a total transaction of $580,300.00. Following the completion of the transaction, the director now directly owns 3,683 shares of the company's stock, valued at approximately $427,448.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 46.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penske Automotive Group

A number of institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors increased its holdings in shares of Penske Automotive Group by 25.4% during the 2nd quarter. Captrust Financial Advisors now owns 2,116 shares of the company's stock valued at $222,000 after purchasing an additional 429 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Penske Automotive Group by 24.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 827,445 shares of the company's stock valued at $86,625,000 after purchasing an additional 164,060 shares in the last quarter. Atlas Capital Advisors LLC increased its holdings in shares of Penske Automotive Group by 1,243.4% during the 2nd quarter. Atlas Capital Advisors LLC now owns 3,775 shares of the company's stock valued at $395,000 after purchasing an additional 3,494 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Penske Automotive Group by 33.0% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,120 shares of the company's stock valued at $640,000 after purchasing an additional 1,520 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Penske Automotive Group by 2,465.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 205,296 shares of the company's stock valued at $21,492,000 after purchasing an additional 197,293 shares in the last quarter. 33.07% of the stock is owned by hedge funds and other institutional investors.

About Penske Automotive Group

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Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.