Favorable Press Coverage Somewhat Unlikely to Impact Penske Automotive Group (PAG) Stock Price
News headlines about Penske Automotive Group (NYSE:PAG) have trended positive this week, Accern Sentiment Analysis reports. Accern identifies negative and positive press coverage by analyzing more than 20 million news and blog sources. Accern ranks coverage of companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. Penske Automotive Group earned a daily sentiment score of 0.31 on Accern’s scale. Accern also assigned media stories about the company an impact score of 45.5782612139087 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the stock’s share price in the near term.
These are some of the media stories that may have impacted Accern’s scoring:
- Penske Automotive Group, Inc. breached its 50 day moving average in a Bearish Manner : PAG-US : December 15, 2017 (finance.yahoo.com)
- Quotidian Technical Highlights on Selected Auto Dealerships Stoc – KTVN Channel 2 – Reno Tahoe Sparks News, Weather, Video (ktvn.com)
- Penske Automotive (PAG) Set to Acquire U.K.’s The Car People (finance.yahoo.com)
- Penske Automotive (PAG) Set to Acquire U.K.'s The Car People (finance.yahoo.com)
- Penske Automotive Expands Presence In The United Kingdom (finance.yahoo.com)
PAG has been the subject of several recent analyst reports. BidaskClub cut Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. ValuEngine cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Northcoast Research initiated coverage on Penske Automotive Group in a research report on Thursday, September 28th. They issued a “buy” rating and a $56.00 target price for the company. Berenberg Bank initiated coverage on Penske Automotive Group in a research report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price for the company. Finally, KeyCorp reaffirmed a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $56.00.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.33 billion. During the same period last year, the company earned $1.03 earnings per share. Penske Automotive Group’s quarterly revenue was up 7.2% compared to the same quarter last year. sell-side analysts anticipate that Penske Automotive Group will post 4.3 earnings per share for the current fiscal year.
Penske Automotive Group announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.78%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, November 9th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.99%.
In related news, EVP Shane M. Spradlin sold 3,188 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $47.41, for a total transaction of $151,143.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Corp Penske bought 1,103,996 shares of the business’s stock in a transaction on Friday, October 20th. The shares were bought at an average price of $45.29 per share, for a total transaction of $49,999,978.84. Following the completion of the acquisition, the insider now owns 11,564,576 shares of the company’s stock, valued at $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is currently owned by company insiders.
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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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