Penske Automotive Group (NYSE:PAG) Posts Earnings Results, Beats Estimates By $0.20 EPS

Penske Automotive Group (NYSE:PAG) released its quarterly earnings data on Wednesday. The company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20, Zacks reports. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. During the same quarter in the prior year, the business posted $3.78 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year.

Penske Automotive Group Price Performance

Shares of NYSE PAG traded up $1.06 during mid-day trading on Wednesday, hitting $221.07. 88,029 shares of the stock were exchanged, compared to its average volume of 317,876. Penske Automotive Group has a twelve month low of $140.12 and a twelve month high of $227.00. The stock’s fifty day simple moving average is $183.13 and its two-hundred day simple moving average is $167.72. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The company has a market cap of $14.54 billion, a P/E ratio of 16.47, a PEG ratio of 2.79 and a beta of 0.87.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $1.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio (DPR) is 42.99%.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 1,500 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Greg C. Smith sold 1,488 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. 52.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its holdings in Penske Automotive Group by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock worth $3,167,000 after acquiring an additional 65 shares during the last quarter. Focus Partners Advisor Solutions LLC raised its stake in shares of Penske Automotive Group by 2.7% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company’s stock worth $416,000 after acquiring an additional 70 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Penske Automotive Group by 20.8% during the fourth quarter. UMB Bank n.a. now owns 488 shares of the company’s stock worth $77,000 after purchasing an additional 84 shares in the last quarter. Blue Chip Partners LLC lifted its position in shares of Penske Automotive Group by 0.8% during the second quarter. Blue Chip Partners LLC now owns 11,810 shares of the company’s stock worth $2,029,000 after purchasing an additional 92 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Penske Automotive Group by 6.7% during the third quarter. Integrated Wealth Concepts LLC now owns 1,534 shares of the company’s stock valued at $267,000 after purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PAG shares. Benchmark lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Bank of America lifted their price objective on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Citigroup lowered Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their price objective for the company from $199.00 to $210.00 in a research note on Thursday, July 23rd. Weiss Ratings raised Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Finally, UBS Group set a $190.00 target price on Penske Automotive Group in a research report on Friday, July 10th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $196.00.

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.