Benchmark Initiates Coverage on Penske Automotive Group (NYSE:PAG)

Benchmark assumed coverage on shares of Penske Automotive Group (NYSE:PAG) in a report published on Thursday, MarketBeat reports. The firm issued a buy rating on the stock.

PAG has been the topic of several other research reports. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their target price for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. Finally, 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 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Hold” and a consensus target price of $170.25.

Penske Automotive Group Price Performance

NYSE:PAG opened at $164.95 on Thursday. The stock has a market capitalization of $11.01 billion, a PE ratio of 12.64 and a beta of 1.18. Penske Automotive Group has a 52 week low of $142.32 and a 52 week high of $179.72. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The stock’s 50-day moving average price is $159.06 and its 200-day moving average price is $157.51.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter last year, the business earned $3.90 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities analysts expect that Penske Automotive Group will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th were paid a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 2.89%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group’s dividend payout ratio is 36.48%.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. lifted its holdings in Penske Automotive Group by 65.6% during the 3rd quarter. Franklin Resources Inc. now owns 12,316 shares of the company’s stock worth $1,906,000 after buying an additional 4,877 shares in the last quarter. Tidal Investments LLC increased its position in shares of Penske Automotive Group by 5.1% during the third quarter. Tidal Investments LLC now owns 1,830 shares of the company’s stock worth $297,000 after acquiring an additional 88 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Penske Automotive Group in the third quarter valued at $94,000. Sanctuary Advisors LLC purchased a new position in Penske Automotive Group in the third quarter valued at $415,000. Finally, Virtu Financial LLC acquired a new position in Penske Automotive Group during the 3rd quarter worth $284,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

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.