JPMorgan Chase & Co. Cuts Penske Automotive Group (NYSE:PAG) Price Target to $170.00

Penske Automotive Group (NYSE:PAG) had its price target cut by JPMorgan Chase & Co. from $175.00 to $170.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also recently commented on PAG. Weiss Ratings cut shares of Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 16th. Barclays raised their price objective on Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, February 17th. Bank of America initiated coverage on Penske Automotive Group in a research report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.71.

Penske Automotive Group Trading Down 2.6%

NYSE PAG opened at $140.51 on Friday. Penske Automotive Group has a 52 week low of $134.05 and a 52 week high of $189.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.99. The stock’s 50 day moving average price is $159.76 and its two-hundred day moving average price is $164.56. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 1.46 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.19 by ($0.28). Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The business had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.62 billion. During the same quarter last year, the business earned $3.54 earnings per share. Penske Automotive Group’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, analysts anticipate that Penske Automotive Group will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Wednesday, February 25th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.38. Penske Automotive Group’s payout ratio is presently 41.48%.

Institutional Investors Weigh In On Penske Automotive Group

Hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC increased its holdings in shares of Penske Automotive Group by 9.9% in the fourth quarter. Corient Private Wealth LLC now owns 11,565 shares of the company’s stock valued at $1,831,000 after purchasing an additional 1,046 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Penske Automotive Group by 5,521.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 787 shares of the company’s stock valued at $125,000 after purchasing an additional 773 shares during the period. Virtu Financial LLC acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth about $669,000. Invesco Ltd. boosted its holdings in shares of Penske Automotive Group by 64.1% during the 4th quarter. Invesco Ltd. now owns 232,366 shares of the company’s stock worth $36,781,000 after buying an additional 90,775 shares during the period. Finally, EP Wealth Advisors LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth about $359,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.