Penske Automotive Group (NYSE:PAG) Given New $165.00 Price Target at JPMorgan Chase & Co.

Penske Automotive Group (NYSE:PAG) had its price objective hoisted by JPMorgan Chase & Co. from $160.00 to $165.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

A number of other brokerages have also weighed in on PAG. Benchmark started coverage on shares of Penske Automotive Group in a report on Thursday, December 12th. They set a “buy” rating on the stock. Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $172.50.

Penske Automotive Group Price Performance

NYSE PAG opened at $169.75 on Wednesday. The firm’s fifty day simple moving average is $160.97 and its two-hundred day simple moving average is $160.45. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group has a 12-month low of $142.32 and a 12-month high of $180.12. The firm has a market capitalization of $11.33 billion, a P/E ratio of 12.35 and a beta of 1.20.

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

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Monday, February 24th will be given a dividend of $1.22 per share. The ex-dividend date is Monday, February 24th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 dividend on an annualized basis and a yield of 2.87%. Penske Automotive Group’s payout ratio is currently 35.49%.

Insider Activity at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the transaction, the executive vice president now directly owns 28,917 shares in the company, valued at $5,003,508.51. The trade was a 23.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 51.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PAG. Blue Trust Inc. raised its position in shares of Penske Automotive Group by 25.8% in the third quarter. Blue Trust Inc. now owns 952 shares of the company’s stock worth $142,000 after acquiring an additional 195 shares during the period. International Assets Investment Management LLC raised its position in shares of Penske Automotive Group by 12,674.5% in the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock worth $9,606,000 after acquiring an additional 58,683 shares during the period. Brighton Jones LLC acquired a new position in shares of Penske Automotive Group in the third quarter worth about $209,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Penske Automotive Group by 188.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company’s stock worth $1,134,000 after acquiring an additional 4,559 shares during the period. Finally, Pallas Capital Advisors LLC raised its position in shares of Penske Automotive Group by 103.3% in the third quarter. Pallas Capital Advisors LLC now owns 3,438 shares of the company’s stock worth $529,000 after acquiring an additional 1,747 shares during the period. 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.