Stock Repurchase Plan Authorized by Penske Automotive Group (PAG)

Penske Automotive Group (NYSE:PAG) announced that its board 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 purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Penske Automotive Group (NYSE PAG) opened at 47.66 on Tuesday. The company has a market capitalization of $4.10 billion, a PE ratio of 11.36 and a beta of 1.44. The company has a 50 day moving average of $45.99 and a 200 day moving average of $43.98. Penske Automotive Group has a 52-week low of $38.33 and a 52-week high of $56.05.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.62% and a net margin of 1.71%. The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.33 billion. During the same period in the previous year, the firm earned $1.03 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Penske Automotive Group will post $4.33 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.77%. 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 30.05%.

PAG has been the topic of a number of recent analyst reports. ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Gabelli boosted their target price on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Berenberg Bank initiated coverage on shares of Penske Automotive Group in a research note on Wednesday, October 4th. They set a “hold” rating and a $52.00 price target for the company. Finally, Northcoast Research initiated coverage on shares of Penske Automotive Group in a research note on Thursday, September 28th. They set a “buy” rating and a $56.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.00.

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In other news, major shareholder Corp Penske acquired 1,103,996 shares of the firm’s stock in a transaction dated Friday, October 20th. The shares were acquired at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the acquisition, the insider now directly owns 11,564,576 shares of the company’s stock, valued at $523,759,647.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Claude H. Denker III sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the sale, the executive vice president now directly owns 22,243 shares in the company, valued at $917,968.61. The disclosure for this sale can be found here. 40.70% of the stock is owned by corporate insiders.

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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