Penske Automotive Group (NYSE:PAG) Reaches New 12-Month Low After Analyst Downgrade

Penske Automotive Group, Inc. (NYSE:PAG) shares hit a new 52-week low on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $165.00 to $140.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Penske Automotive Group traded as low as $140.21 and last traded at $143.84, with a volume of 56760 shares. The stock had previously closed at $150.00.

PAG has been the topic of several other reports. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Stephens reaffirmed an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Finally, Benchmark initiated coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of “Moderate Buy” and an average target price of $166.25.

Insider Buying and Selling at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Claude H. Denker III sold 8,746 shares of Penske Automotive Group stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the completion of the sale, the executive vice president now owns 28,917 shares in the company, valued at approximately $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Penske Automotive Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC grew its position in Penske Automotive Group by 36.9% during the third quarter. Janus Henderson Group PLC now owns 39,569 shares of the company’s stock worth $6,426,000 after buying an additional 10,663 shares during the period. Highland Capital Management LLC acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth approximately $240,000. Cerity Partners LLC increased its stake in Penske Automotive Group by 176.1% in the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock valued at $2,166,000 after purchasing an additional 8,504 shares in the last quarter. Blue Trust Inc. raised its holdings in Penske Automotive Group by 28.3% during the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock worth $198,000 after purchasing an additional 269 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in Penske Automotive Group during the fourth quarter worth $287,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The company has a market capitalization of $9.41 billion, a PE ratio of 10.25 and a beta of 1.24. The stock has a 50-day simple moving average of $162.15 and a 200 day simple moving average of $159.34.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, February 13th. The company reported $3.54 EPS for the quarter, topping the consensus estimate 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 business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. Equities analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business 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 is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group’s payout ratio is currently 35.49%.

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.