Man Group plc bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,459 shares of the company’s stock, valued at approximately $798,000.
A number of other hedge funds also recently made changes to their positions in the stock. Kendall Capital Management bought a new stake in shares of Penske Automotive Group during the second quarter worth $1,303,000. Jefferies Financial Group Inc. bought a new position in Penske Automotive Group in the fourth quarter valued at about $3,679,000. Renaissance Technologies LLC boosted its stake in shares of Penske Automotive Group by 15.6% during the first quarter. Renaissance Technologies LLC now owns 81,500 shares of the company’s stock valued at $12,186,000 after purchasing an additional 11,000 shares in the last quarter. Independent Solutions Wealth Management LLC bought a new stake in shares of Penske Automotive Group during the fourth quarter worth about $2,649,000. Finally, Norges Bank bought a new position in Penske Automotive Group in the 4th quarter valued at approximately $32,137,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on PAG. Morgan Stanley reiterated an “overweight” rating and set a $190.00 price target on shares of Penske Automotive Group in a report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on shares of Penske Automotive Group from $170.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. UBS Group set a $190.00 price target on Penske Automotive Group in a report on Friday, July 10th. Benchmark cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Barclays lifted their price target on shares of Penske Automotive Group from $220.00 to $225.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.50.
Penske Automotive Group Price Performance
Shares of NYSE:PAG opened at $219.53 on Friday. The firm has a market capitalization of $14.41 billion, a PE ratio of 16.17 and a beta of 0.84. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average price of $207.32 and a two-hundred day moving average price of $178.01. Penske Automotive Group, Inc. has a twelve month low of $140.12 and a twelve month high of $227.00.
Penske Automotive Group (NYSE:PAG – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The company had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same period last year, the firm earned $3.78 EPS. Penske Automotive Group’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts forecast that Penske Automotive Group, Inc. will post 13.61 EPS for the current year.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were given a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date was Friday, August 14th. Penske Automotive Group’s dividend payout ratio (DPR) is 42.42%.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
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