Kornitzer Capital Management Inc. KS Invests $215,000 in Penske Automotive Group, Inc. $PAG

Kornitzer Capital Management Inc. KS bought a new stake in Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,250 shares of the company’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sound Income Strategies LLC acquired a new position in Penske Automotive Group in the second quarter valued at $34,000. Acadian Asset Management LLC acquired a new position in Penske Automotive Group during the first quarter worth approximately $42,000. GAMMA Investing LLC lifted its stake in Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock valued at $57,000 after buying an additional 136 shares during the last quarter. Brooklyn Investment Group boosted its holdings in shares of Penske Automotive Group by 353.0% in the first quarter. Brooklyn Investment Group now owns 453 shares of the company’s stock valued at $65,000 after acquiring an additional 353 shares during the period. Finally, UMB Bank n.a. boosted its stake in Penske Automotive Group by 18.6% during the 2nd quarter. UMB Bank n.a. now owns 402 shares of the company’s stock worth $69,000 after purchasing an additional 63 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Penske Automotive Group news, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at approximately $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michelle Hulgrave sold 1,100 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total transaction of $200,805.00. Following the completion of the sale, the chief financial officer owned 18,922 shares in the company, valued at $3,454,211.10. This represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.40% of the stock is owned by insiders.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $164.92 on Monday. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 11.48 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. The business’s 50 day simple moving average is $177.19 and its 200-day simple moving average is $170.69. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $189.51.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.22. The firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.Penske Automotive Group’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the business posted $3.61 EPS. As a group, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 2nd. Investors of record on Friday, November 14th will be given a $1.38 dividend. The ex-dividend date is Friday, November 14th. This represents a $5.52 annualized dividend and a dividend yield of 3.3%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.32. Penske Automotive Group’s payout ratio is presently 36.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Penske Automotive Group from $200.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Penske Automotive Group in a research report on Wednesday, October 8th. Morgan Stanley lifted their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. JPMorgan Chase & Co. boosted their target price on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Finally, Benchmark lifted their price target on Penske Automotive Group from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.17.

Penske Automotive Group Profile

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.