Penske Automotive Group, Inc. (NYSE:PAG) – Equities research analysts at Northcoast Research boosted their FY2017 earnings estimates for shares of Penske Automotive Group in a report issued on Wednesday. Northcoast Research analyst J. Healy now anticipates that the company will earn $4.33 per share for the year, up from their previous estimate of $4.27. Northcoast Research has a “Buy” rating and a $56.00 price target on the stock. Northcoast Research also issued estimates for Penske Automotive Group’s Q4 2017 earnings at $1.01 EPS, Q1 2018 earnings at $1.08 EPS, Q2 2018 earnings at $1.33 EPS, Q4 2018 earnings at $1.15 EPS and FY2018 earnings at $4.75 EPS.
Penske Automotive Group (NYSE:PAG) last released its earnings results 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 net margin of 1.75% and a return on equity of 18.68%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.33 billion. During the same period last year, the company earned $1.03 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis.
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A number of other equities analysts have also commented on PAG. Wells Fargo & Company reaffirmed a “market perform” rating and set a $46.00 target price (down from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Zacks Investment Research lowered shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. ValuEngine lowered shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. BidaskClub lowered shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Finally, Berenberg Bank started coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $56.00.
Shares of Penske Automotive Group (PAG) opened at 47.79 on Friday. The company has a 50 day moving average of $45.54 and a 200 day moving average of $43.91. Penske Automotive Group has a 52-week low of $38.33 and a 52-week high of $56.05. The firm has a market capitalization of $4.11 billion, a PE ratio of 11.39 and a beta of 1.45.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, November 9th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.76%. Penske Automotive Group’s dividend payout ratio (DPR) is 30.05%.
Penske Automotive Group announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Claude H. Denker III sold 5,000 shares of Penske Automotive Group stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $41.27, for a total transaction of $206,350.00. Following the transaction, the executive vice president now directly owns 22,243 shares of the company’s stock, valued at $917,968.61. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Corp Penske acquired 1,103,996 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were acquired at an average cost 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. Company insiders own 40.70% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its holdings in Penske Automotive Group by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after buying an additional 175 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Penske Automotive Group during the second quarter valued at approximately $206,000. Fox Run Management L.L.C. purchased a new position in Penske Automotive Group during the third quarter valued at approximately $252,000. Paragon Capital Management Ltd purchased a new position in Penske Automotive Group during the second quarter valued at approximately $233,000. Finally, Amalgamated Bank increased its holdings in Penske Automotive Group by 3.4% during the first quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock valued at $258,000 after buying an additional 180 shares during the period. 39.92% of the stock is currently owned by institutional investors.
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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