: Penske Automotive board adds $250 million to share buyback authorization


Penske Automotive Group Inc. PAG, +4.96% said Friday its board has added $250 million to its share buyback authorization, which had $3.6 million remaining outstanding as of Feb. 7. The car and commercial truck retailer bought back 8.2 million shares in 2022, equal to about 10.6% of its outstanding shares. In the period stretching from Jan. 1, 2023 to Feb.7, it repurchased 0.6 million shares for $70.7 million. The stock has gained 48% in the last 12 months, while the S&P 500 SPX, -0.28% has fallen 7%.

This article was originally published by Marketwatch.com. Read the original article here.

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