Penske Automotive Group, Inc. $PAG Stock Position Increased by SummitTX Capital L.P.

SummitTX Capital L.P. increased its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 177.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,164 shares of the company’s stock after buying an additional 7,141 shares during the quarter. SummitTX Capital L.P.’s holdings in Penske Automotive Group were worth $1,669,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Blue Chip Partners LLC increased its position in shares of Penske Automotive Group by 0.9% during the 1st quarter. Blue Chip Partners LLC now owns 10,412 shares of the company’s stock valued at $1,557,000 after purchasing an additional 90 shares during the period. Renaissance Technologies LLC lifted its stake in 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 buying an additional 11,000 shares in the last quarter. Capula Management Ltd acquired a new position in shares of Penske Automotive Group in the first quarter worth about $481,000. Sei Investments Co. increased its position in shares of Penske Automotive Group by 15.3% in the first quarter. Sei Investments Co. now owns 25,600 shares of the company’s stock worth $3,830,000 after acquiring an additional 3,397 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Penske Automotive Group by 24.7% in the first quarter. First Trust Advisors LP now owns 81,838 shares of the company’s stock worth $12,236,000 after acquiring an additional 16,201 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

Penske Automotive Group Stock Up 1.3%

PAG stock opened at $222.76 on Thursday. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 2.85 and a beta of 0.87. The company has a 50-day moving average of $184.41 and a two-hundred day moving average of $168.13. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $227.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20. The business had revenue of $8.51 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. Penske Automotive Group’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $3.78 earnings per share. As a group, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.45 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $1.44 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, August 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio is 42.39%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PAG. JPMorgan Chase & Co. raised their price objective on Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Barclays boosted their price objective on shares of Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Citigroup lowered shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their price objective for the company from $199.00 to $210.00 in a research note on Thursday, July 23rd. Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Stephens upped their price target on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $196.00.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The SEC filing for this sale provides additional information. 52.90% of the stock is owned by insiders.

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.