Elevation Point Wealth Partners LLC Purchases New Stake in Penske Automotive Group, Inc. $PAG

Elevation Point Wealth Partners LLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 12,932 shares of the company’s stock, valued at approximately $2,249,000.

A number of other large investors have also added to or reduced their stakes in PAG. Meixler Investment Management Ltd. purchased a new stake in shares of Penske Automotive Group during the third quarter worth about $1,154,000. Bahl & Gaynor Inc. increased its holdings in Penske Automotive Group by 32.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock valued at $21,953,000 after purchasing an additional 31,463 shares during the period. Convergence Investment Partners LLC bought a new position in Penske Automotive Group during the 3rd quarter valued at approximately $1,157,000. Alps Advisors Inc. bought a new position in Penske Automotive Group during the 3rd quarter valued at approximately $5,585,000. Finally, JPMorgan Chase & Co. lifted its holdings in Penske Automotive Group by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company’s stock worth $19,439,000 after buying an additional 19,561 shares during the period. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PAG shares. Barclays lifted their price objective on Penske Automotive Group from $190.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 17th. Bank of America started coverage on Penske Automotive Group in a report on Tuesday, December 9th. They set a “buy” rating and a $195.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Penske Automotive Group in a research note on Monday, December 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.43.

Penske Automotive Group Stock Performance

Shares of PAG opened at $146.04 on Monday. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32. The stock has a market cap of $9.60 billion, a P/E ratio of 10.82, a P/E/G ratio of 1.52 and a beta of 0.90. The business’s 50 day moving average price is $161.70 and its 200-day moving average price is $166.01. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.19 by ($0.28). The company had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.62 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the business earned $3.54 EPS. Equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th were issued a dividend of $1.40 per share. The ex-dividend date was Wednesday, February 25th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.38. This represents a $5.60 annualized dividend and a dividend yield of 3.8%. Penske Automotive Group’s dividend payout ratio is 41.48%.

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.