Analysts Set Penske Automotive Group, Inc. (PAG) PT at $55.71
Shares of Penske Automotive Group, Inc. (NYSE:PAG) have been assigned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $56.00.
PAG has been the subject of a number of recent analyst reports. ValuEngine upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Zacks Investment Research lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Tuesday. 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. 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. Finally, KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th.
Shares of Penske Automotive Group (PAG) traded up $1.26 during midday trading on Monday, reaching $49.78. The company’s stock had a trading volume of 565,698 shares, compared to its average volume of 355,035. Penske Automotive Group has a 12-month low of $38.33 and a 12-month high of $55.26. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. The firm has a market cap of $4,161.47, a price-to-earnings ratio of 11.69, a PEG ratio of 1.64 and a beta of 1.46.
Penske Automotive Group declared that its board has initiated a share buyback plan on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO John D. Jr. Carlson sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the completion of the transaction, the chief financial officer now owns 24,844 shares in the company, valued at approximately $1,147,792.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Corp Penske acquired 1,103,996 shares of Penske Automotive Group stock in a transaction that occurred on Friday, October 20th. The shares were bought at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares in the company, valued at $523,759,647.04. The disclosure for this purchase can be found here. Insiders own 40.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PAG. Sei Investments Co. boosted its position in Penske Automotive Group by 46.7% during the 2nd quarter. Sei Investments Co. now owns 17,557 shares of the company’s stock valued at $771,000 after purchasing an additional 5,585 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Penske Automotive Group by 5.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 297,718 shares of the company’s stock valued at $13,073,000 after acquiring an additional 16,353 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Penske Automotive Group by 1.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 340,451 shares of the company’s stock valued at $14,949,000 after acquiring an additional 5,269 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Penske Automotive Group by 1.5% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 38,453 shares of the company’s stock valued at $1,688,000 after acquiring an additional 580 shares in the last quarter. Finally, Federated Investors Inc. PA raised its stake in Penske Automotive Group by 5.2% during the 2nd quarter. Federated Investors Inc. PA now owns 8,495 shares of the company’s stock valued at $373,000 after acquiring an additional 420 shares in the last quarter. Institutional investors and hedge funds own 41.40% of the company’s stock.
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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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