JPMorgan Chase & Co. Cuts Penske Automotive Group (NYSE:PAG) Price Target to $140.00

Penske Automotive Group (NYSE:PAG) had its price objective lowered by JPMorgan Chase & Co. from $165.00 to $140.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

PAG has been the subject of several other research reports. Stephens reiterated an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a research report on Tuesday, February 18th. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Finally, Benchmark initiated coverage on Penske Automotive Group in a research report on Thursday, December 12th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus target price of $166.25.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $140.99 on Thursday. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group has a 52 week low of $139.56 and a 52 week high of $180.12. The firm’s 50 day moving average is $162.15 and its two-hundred day moving average is $159.40. The firm has a market capitalization of $9.41 billion, a P/E ratio of 10.25 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $3.37 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. Research analysts forecast that Penske Automotive Group will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Monday, February 24th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s dividend payout ratio (DPR) is currently 35.49%.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Claude H. Denker III sold 8,746 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the transaction, the executive vice president now directly owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Penske Automotive Group

A number of large investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of Penske Automotive Group by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company’s stock valued at $40,000 after acquiring an additional 81 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth about $40,000. True Wealth Design LLC grew its holdings in shares of Penske Automotive Group by 14,833.3% during the third quarter. True Wealth Design LLC now owns 448 shares of the company’s stock worth $73,000 after buying an additional 445 shares in the last quarter. Transamerica Financial Advisors Inc. raised its position in shares of Penske Automotive Group by 45,300.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock valued at $74,000 after buying an additional 453 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Penske Automotive Group during the fourth quarter valued at approximately $76,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.