Penske Automotive Group (NYSE:PAG) Sets New 1-Year High on Strong Earnings

Penske Automotive Group, Inc. (NYSE:PAG) reached a new 52-week high during trading 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 trading hands. The stock had previously closed at $164.64.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Penske Automotive Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Penske Automotive Group in the fourth quarter valued at approximately $22,049,000. Moran Wealth Management LLC purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at $14,157,000. International Assets Investment Management LLC lifted its holdings in shares of Penske Automotive Group by 12,674.5% during the 3rd quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock valued at $9,606,000 after acquiring an additional 58,683 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Penske Automotive Group by 24.4% during the 4th 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 during the period. Finally, American Century Companies Inc. increased its holdings in Penske Automotive Group by 17.4% in the 4th quarter. American Century Companies Inc. now owns 259,513 shares of the company’s stock valued at $39,560,000 after purchasing an additional 38,388 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Up 6.4 %

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

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.