Penske Automotive Group (NYSE:PAG) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Penske Automotive Group, Inc. (NYSE:PAG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $168.92 and traded as high as $171.09. Penske Automotive Group shares last traded at $167.2330, with a volume of 289,975 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays lifted their price target on shares of Penske Automotive Group from $190.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday. JPMorgan Chase & Co. lowered their target price on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Penske Automotive Group in a research note on Monday, December 8th. Bank of America assumed coverage on Penske Automotive Group in a report on Tuesday, December 9th. They set a “buy” rating and a $195.00 price objective on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Penske Automotive Group in a research note on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $184.43.

Penske Automotive Group Stock Performance

The stock’s fifty day simple moving average is $164.29 and its two-hundred day simple moving average is $168.92. The company has a market cap of $11.01 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.71 and a beta of 0.92. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.99.

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

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th will be issued a $1.40 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. The ex-dividend date is Wednesday, February 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.3%. Penske Automotive Group’s dividend payout ratio (DPR) is 40.89%.

Insider Activity

In related news, CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $160.17, for a total transaction of $336,357.00. Following the completion of the sale, the chief financial officer owned 16,822 shares of the company’s stock, valued at approximately $2,694,379.74. This represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 51.70% of the company’s stock.

Institutional Investors Weigh In On Penske Automotive Group

Institutional investors have recently bought and sold shares of the business. Meixler Investment Management Ltd. acquired a new position in shares of Penske Automotive Group during the third quarter worth about $1,154,000. Bahl & Gaynor Inc. raised its holdings in shares of Penske Automotive Group by 32.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock valued at $21,953,000 after buying an additional 31,463 shares during the period. Ethic Inc. lifted its position in Penske Automotive Group by 5.3% during the 2nd quarter. Ethic Inc. now owns 2,110 shares of the company’s stock worth $366,000 after acquiring an additional 106 shares in the last quarter. Alps Advisors Inc. acquired a new position in Penske Automotive Group during the 3rd quarter worth approximately $5,585,000. Finally, Convergence Investment Partners LLC purchased a new position in Penske Automotive Group in the 3rd quarter worth approximately $1,157,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

About Penske Automotive Group

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.