Penske Automotive Group (NYSE:PAG) to Repurchase $200.00 million in Outstanding Stock

Penske Automotive Group (NYSE:PAG) announced that its Board of Directors has approved a stock repurchase program, which allows the company to buyback $200.00 million in outstanding shares on Wednesday, October 25th, EventVestor reports. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several equities research analysts have commented on the stock. ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Northcoast Research assumed coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price target on the stock. BidaskClub cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. KeyCorp reissued a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $46.00 price target (down from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $56.00.

Shares of Penske Automotive Group (PAG) traded up $0.91 during mid-day trading on Friday, hitting $46.60. 503,300 shares of the stock were exchanged, compared to its average volume of 468,978. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04. The company has a market cap of $3,918.75, a PE ratio of 10.75, a price-to-earnings-growth ratio of 1.64 and a beta of 1.47. Penske Automotive Group has a 12 month low of $38.33 and a 12 month high of $56.05.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.02. The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. Penske Automotive Group’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 EPS. research analysts anticipate that Penske Automotive Group will post 4.31 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, November 9th. Penske Automotive Group’s dividend payout ratio is presently 30.99%.

In related news, EVP Shane M. Spradlin sold 3,188 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $47.41, for a total value of $151,143.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Penske purchased 1,103,996 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average price of $45.29 per share, for a total transaction of $49,999,978.84. Following the purchase, the insider now owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is currently owned by corporate insiders.

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Penske Automotive Group Company Profile

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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