Morgan Stanley Trims Penske Automotive Group, Inc. (PAG) Target Price to $50.00
Penske Automotive Group, Inc. (NYSE:PAG) had its price target cut by stock analysts at Morgan Stanley from $54.00 to $50.00 in a research note issued to investors on Friday. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 20.39% from the company’s previous close.
PAG has been the topic of several other reports. Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, April 11th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Gabelli raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $54.00.
Shares of Penske Automotive Group (PAG) traded up 2.96% during trading on Friday, reaching $42.76. The company had a trading volume of 681,783 shares. The firm has a 50 day moving average price of $44.31 and a 200 day moving average price of $49.06. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 10.55 and a beta of 1.37. Penske Automotive Group has a 12 month low of $29.29 and a 12 month high of $56.05.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, April 26th. The company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.01. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Penske Automotive Group had a net margin of 1.70% and a return on equity of 19.06%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. Analysts predict that Penske Automotive Group will post $4.30 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Monday, May 22nd were issued a dividend of $0.31 per share. The ex-dividend date was Thursday, May 18th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 2.99%. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.54%.
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In other news, President Robert H. Kurnick, Jr. sold 11,172 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $42.48, for a total transaction of $474,586.56. Following the transaction, the president now directly owns 89,405 shares of the company’s stock, valued at $3,797,924.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shane M. Spradlin sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $43.64, for a total transaction of $82,916.00. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Prudential PLC boosted its position in shares of Penske Automotive Group by 20.2% in the fourth quarter. Prudential PLC now owns 380,900 shares of the company’s stock valued at $19,746,000 after buying an additional 63,900 shares in the last quarter. Guggenheim Capital LLC boosted its position in shares of Penske Automotive Group by 31.8% in the fourth quarter. Guggenheim Capital LLC now owns 15,615 shares of the company’s stock valued at $809,000 after buying an additional 3,766 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Penske Automotive Group by 8.9% in the fourth quarter. Teachers Advisors LLC now owns 41,448 shares of the company’s stock valued at $2,149,000 after buying an additional 3,387 shares in the last quarter. Glen Harbor Capital Management LLC acquired a new position in shares of Penske Automotive Group during the first quarter valued at approximately $137,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Penske Automotive Group during the fourth quarter valued at approximately $3,270,000. 39.77% of the stock is currently owned by institutional investors.
About Penske Automotive Group
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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