Penske Automotive Group (NYSE:PAG) Stock Crosses Above 200-Day Moving Average – Here’s Why

Penske Automotive Group, Inc. (NYSE:PAG) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $185.12 and traded as high as $203.00. Penske Automotive Group shares last traded at $200.7740, with a volume of 725,378 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Citigroup downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their price target for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. Benchmark lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Penske Automotive Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, September 11th. UBS Group set a $190.00 target price on Penske Automotive Group in a research report on Friday, July 10th. Finally, Bank of America boosted their price target on Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $211.14.

Penske Automotive Group Stock Performance

The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The stock’s fifty day simple moving average is $215.63 and its 200 day simple moving average is $185.52. The company has a market cap of $13.41 billion, a price-to-earnings ratio of 15.05 and a beta of 0.92.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The business had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same period in the previous year, the firm posted $3.78 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.66 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, August 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio (DPR) is currently 42.42%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Penske Automotive Group during the second quarter worth about $35,000. Rothschild Investment LLC grew its stake in shares of Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after buying an additional 66 shares during the period. Core Capital Management & Research inc. acquired a new stake in shares of Penske Automotive Group during the 2nd quarter worth approximately $43,000. Parkside Financial Bank & Trust increased its holdings in shares of Penske Automotive Group by 57.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 245 shares of the company’s stock worth $44,000 after buying an additional 89 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Penske Automotive Group by 179.0% during the 2nd quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock valued at $50,000 after buying an additional 179 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.

About Penske Automotive Group

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. The company sells new and used cars, trucks and other vehicles, representing a broad range of manufacturers and brands.

Its retail automotive operations also provide vehicle financing and insurance products, maintenance and repair services, replacement parts, collision repair, and other related services. Through its commercial vehicle operations, Penske Automotive Group serves businesses and fleet customers with heavy- and medium-duty trucks, parts and service support, and related transportation solutions.

The company serves customers primarily in the United States, the United Kingdom, Germany, Italy and Japan.