Penske Automotive Group (NYSE:PAG) Sets New 52-Week High at $179.72

Penske Automotive Group, Inc. (NYSE:PAG) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $179.72 and last traded at $178.59, with a volume of 229171 shares traded. The stock had previously closed at $164.88.

Analyst Ratings Changes

Separately, Bank of America upped their target price on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Penske Automotive Group presently has a consensus rating of “Hold” and a consensus price target of $157.75.

Penske Automotive Group Stock Up 5.5 %

The firm’s 50 day moving average price is $151.35 and its two-hundred day moving average price is $152.55. The firm has a market capitalization of $11.64 billion, a PE ratio of 12.21 and a beta of 1.18. The company has a quick ratio of 0.23, a current ratio of 0.98 and a debt-to-equity ratio of 0.30.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $3.21 earnings per share for the quarter, missing analysts’ consensus estimates of $3.35 by ($0.14). Penske Automotive Group had a net margin of 3.27% and a return on equity of 21.72%. The firm had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.52 billion. During the same period in the previous year, the company earned $4.31 earnings per share. The business’s quarterly revenue was up 1.5% on a year-over-year basis. As a group, research analysts forecast that Penske Automotive Group, Inc. will post 13.37 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Thursday, August 15th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $4.28 dividend on an annualized basis and a yield of 2.46%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s dividend payout ratio is currently 26.70%.

Institutional Investors Weigh In On Penske Automotive Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter worth approximately $929,000. Gabelli Funds LLC increased its position in shares of Penske Automotive Group by 6.2% in the 1st quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock worth $13,850,000 after purchasing an additional 5,000 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Penske Automotive Group by 15.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,466 shares of the company’s stock valued at $4,935,000 after purchasing an additional 4,057 shares in the last quarter. Chase Investment Counsel Corp bought a new position in shares of Penske Automotive Group during the fourth quarter worth about $802,000. Finally, Occudo Quantitative Strategies LP grew its stake in Penske Automotive Group by 321.8% in the fourth quarter. Occudo Quantitative Strategies LP now owns 26,675 shares of the company’s stock worth $4,282,000 after purchasing an additional 20,351 shares in the last quarter. 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.