Penske Automotive Group, Inc. $PAG Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 21.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 111,775 shares of the company’s stock after acquiring an additional 19,561 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.17% of Penske Automotive Group worth $19,439,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Penske Automotive Group by 48.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company’s stock valued at $241,958,000 after purchasing an additional 456,611 shares during the period. Norges Bank bought a new position in shares of Penske Automotive Group during the 2nd quarter worth about $32,425,000. AQR Capital Management LLC raised its position in shares of Penske Automotive Group by 21.1% during the second quarter. AQR Capital Management LLC now owns 681,741 shares of the company’s stock valued at $116,953,000 after buying an additional 118,976 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after buying an additional 84,045 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Penske Automotive Group by 4,364.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 84,865 shares of the company’s stock valued at $14,581,000 after buying an additional 82,964 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Stock Up 1.3%

Shares of PAG opened at $148.11 on Thursday. The company has a market capitalization of $9.74 billion, a P/E ratio of 10.97, a PEG ratio of 1.53 and a beta of 0.90. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $189.51. The business’s 50 day simple moving average is $158.70 and its 200-day simple moving average is $163.87. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 EPS 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 return on equity of 15.77% and a net margin of 2.91%.The firm’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $3.54 EPS. As a group, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were given a $1.40 dividend. The ex-dividend date was Wednesday, February 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. Penske Automotive Group’s dividend payout ratio is 41.48%.

Wall Street Analysts Forecast Growth

PAG has been the topic of several recent research reports. Weiss Ratings lowered Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Penske Automotive Group in a research note on Monday, December 8th. Barclays raised their target price 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. JPMorgan Chase & Co. decreased their price target on shares of Penske Automotive Group from $175.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Finally, Bank of America initiated coverage on shares of Penske Automotive Group in a report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $183.71.

About Penske Automotive Group

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.