Penske Automotive Group (NYSE:PAG) Hits New 12-Month High Following Earnings Beat

Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $180.12 and last traded at $174.39, with a volume of 45028 shares traded. The stock had previously closed at $164.64.

The company reported $3.54 EPS for the quarter, topping the consensus estimate of $3.37 by $0.17. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.56 billion.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Monday, February 24th will be paid a dividend of $1.22 per share. The ex-dividend date is Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 2.80%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio (DPR) is presently 36.48%.

Analyst Upgrades and Downgrades

Separately, Benchmark assumed coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a "buy" rating for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $170.25.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds have recently bought and sold shares of PAG. Vanguard Group Inc. raised its position in shares of Penske Automotive Group by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 1,999,191 shares of the company's stock worth $304,757,000 after acquiring an additional 12,912 shares in the last quarter. AQR Capital Management LLC increased its holdings in Penske Automotive Group by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock worth $92,487,000 after purchasing an additional 20,506 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Penske Automotive Group by 24.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock worth $40,179,000 after purchasing an additional 51,720 shares in the last quarter. American Century Companies Inc. increased its holdings in Penske Automotive Group by 17.4% in the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock worth $39,560,000 after purchasing an additional 38,388 shares in the last quarter. Finally, Bruni J V & Co. Co. increased its holdings in Penske Automotive Group by 1.9% in the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company's stock worth $30,510,000 after purchasing an additional 3,738 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Down 1.0 %

The firm's 50 day moving average price is $160.49 and its two-hundred day moving average price is $160.32. The company has a market cap of $11.63 billion, a P/E ratio of 13.35 and a beta of 1.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

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.