Renaissance Technologies LLC Purchases 11,000 Shares of Penske Automotive Group, Inc. $PAG

Renaissance Technologies LLC raised its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 15.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 81,500 shares of the company’s stock after purchasing an additional 11,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Penske Automotive Group were worth $12,186,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Jefferies Financial Group Inc. acquired a new position in shares of Penske Automotive Group in the fourth quarter valued at about $3,679,000. Independent Solutions Wealth Management LLC bought a new stake in Penske Automotive Group during the fourth quarter worth $2,649,000. Norges Bank acquired a new stake in Penske Automotive Group in the fourth quarter valued at about $32,137,000. Diamant Asset Management Inc. boosted its stake in shares of Penske Automotive Group by 14,852.0% in the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock valued at $132,237,000 after purchasing an additional 878,496 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Penske Automotive Group in the fourth quarter valued at approximately $1,152,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Price Performance

NYSE PAG opened at $217.92 on Friday. The firm’s 50-day simple moving average is $186.65 and its two-hundred day simple moving average is $168.86. The company has a market cap of $14.33 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 2.92 and a beta of 0.87. Penske Automotive Group, Inc. has a 52 week low of $140.12 and a 52 week high of $227.00. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.36.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.42 by $0.20. The business had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. Penske Automotive Group’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.78 EPS. Research analysts predict that Penske Automotive Group, Inc. will post 13.48 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued 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 of this dividend is Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a yield of 2.6%. Penske Automotive Group’s payout ratio is currently 41.83%.

Insider Buying and Selling at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,500 shares of the 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 sale, the chief financial officer owned 17,596 shares in the company, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $238,109.76. The disclosure for this sale is available in the SEC filing. Corporate insiders own 52.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PAG shares. JPMorgan Chase & Co. boosted their price target on Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Bank of America boosted their price objective on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Barclays increased their target price on shares of Penske Automotive Group from $190.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Benchmark cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley reissued an “overweight” rating and set a $190.00 target price on shares of Penske Automotive Group in a research report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $196.00.

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.