Penske Automotive Group (NYSE:PAG) Shares Gap Up to $160.85

Penske Automotive Group, Inc. (NYSE:PAG) gapped up before the market opened on Wednesday . The stock had previously closed at $160.85, but opened at $165.00. Penske Automotive Group shares last traded at $163.32, with a volume of 6,055 shares traded.

Wall Street Analyst Weigh In

PAG has been the subject of several recent analyst reports. Bank of America raised their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Stephens assumed coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 target price on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their price target for the company from $115.00 to $180.00 in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $175.40.

Penske Automotive Group Stock Up 1.2 %

The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average price of $161.65 and a 200-day moving average price of $155.65. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 11.19 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.39 by $0.22. The company had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.41 earnings per share. On average, equities analysts forecast that Penske Automotive Group, Inc. will post 13.79 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s dividend payout ratio is 29.76%.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a filing with the SEC, which is available through this link. 51.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Penske Automotive Group

Several institutional investors and hedge funds have recently modified their holdings of PAG. Norges Bank purchased a new position in Penske Automotive Group during the fourth quarter worth about $30,844,000. AQR Capital Management LLC lifted its holdings in shares of Penske Automotive Group by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock worth $62,280,000 after acquiring an additional 99,164 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in shares of Penske Automotive Group by 3.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 755,463 shares of the company’s stock worth $121,259,000 after acquiring an additional 27,055 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Penske Automotive Group in the second quarter worth approximately $3,742,000. Finally, Susquehanna Fundamental Investments LLC grew its holdings in Penske Automotive Group by 720.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 23,796 shares of the company’s stock valued at $3,546,000 after purchasing an additional 20,896 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

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.