Penske Automotive Group (NYSE:PAG) Sets New 12-Month High Following Better-Than-Expected Earnings

Penske Automotive Group, Inc. (NYSE:PAG) shares hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $180.12 and last traded at $174.39, with a volume of 45028 shares changing hands. The stock had previously closed at $164.64.

The company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%.

Wall Street Analyst Weigh In

Separately, Benchmark initiated coverage on Penske Automotive Group in a report on Thursday, December 12th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Hold” and an average target price of $170.25.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PAG. Creative Planning boosted its position in shares of Penske Automotive Group by 10.3% during the 2nd quarter. Creative Planning now owns 1,927 shares of the company’s stock worth $287,000 after purchasing an additional 180 shares in the last quarter. Kapitalo Investimentos Ltda grew its stake in Penske Automotive Group by 98.5% in the 3rd quarter. Kapitalo Investimentos Ltda now owns 3,373 shares of the company’s stock valued at $548,000 after acquiring an additional 1,674 shares during the last quarter. Applied Capital LLC FL lifted its holdings in shares of Penske Automotive Group by 0.4% in the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after purchasing an additional 77 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Penske Automotive Group in the third quarter valued at approximately $309,000. Finally, Blue Trust Inc. raised its position in shares of Penske Automotive Group by 25.8% during the 3rd quarter. Blue Trust Inc. now owns 952 shares of the company’s stock worth $142,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Trading Up 6.4 %

The business has a 50 day moving average of $160.03 and a 200-day moving average of $160.25. The stock has a market cap of $11.70 billion, a PE ratio of 13.36 and a beta of 1.20. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

About Penske Automotive Group

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.