Penske Automotive Group (NYSE:PAG) Sets New 52-Week Low – Here’s What Happened

Penske Automotive Group, Inc. (NYSE:PAG) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $138.91 and last traded at $141.49, with a volume of 198860 shares traded. The stock had previously closed at $149.50.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. JPMorgan Chase & Co. dropped their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. Benchmark began coverage on shares of Penske Automotive Group in a report on Thursday, December 12th. They issued a “buy” rating for the company. Finally, StockNews.com raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus target price of $166.25.

Penske Automotive Group Stock Down 5.5 %

The company’s 50 day simple moving average is $160.86 and its 200-day simple moving average is $159.21. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The firm has a market cap of $9.43 billion, a P/E ratio of 10.27 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.56 billion. Research analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal 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 given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Monday, February 24th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s dividend payout ratio is 35.49%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the sale, the executive vice president now directly owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Barr sold 1,529 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was 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. 52.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penske Automotive Group

Several institutional investors and hedge funds have recently bought and sold shares of PAG. Burgundy Asset Management Ltd. raised its stake in shares of Penske Automotive Group by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 806,860 shares of the company’s stock worth $122,998,000 after buying an additional 13,106 shares during the period. CSS LLC IL increased its holdings in Penske Automotive Group by 42.9% in the 4th quarter. CSS LLC IL now owns 2,650 shares of the company’s stock worth $404,000 after acquiring an additional 796 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Penske Automotive Group by 14.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 65,784 shares of the company’s stock worth $10,028,000 after acquiring an additional 8,438 shares during the period. Voloridge Investment Management LLC lifted its holdings in Penske Automotive Group by 4.4% during the fourth quarter. Voloridge Investment Management LLC now owns 134,023 shares of the company’s stock valued at $20,430,000 after purchasing an additional 5,669 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of Penske Automotive Group by 4.7% in the fourth quarter. Squarepoint Ops LLC now owns 19,643 shares of the company’s stock worth $2,994,000 after purchasing an additional 873 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Company Profile

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.