PDT Partners LLC Acquires Shares of 64,010 Penske Automotive Group, Inc. $PAG

PDT Partners LLC bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 64,010 shares of the company’s stock, valued at approximately $11,455,000. PDT Partners LLC owned approximately 0.10% of Penske Automotive Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PAG. Navalign LLC acquired a new stake in Penske Automotive Group during the 4th quarter valued at approximately $26,000. International Assets Investment Management LLC acquired a new position in shares of Penske Automotive Group in the 4th quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Penske Automotive Group during the 2nd quarter valued at approximately $35,000. Rothschild Investment LLC boosted its stake in shares of Penske Automotive Group by 37.5% during the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after buying an additional 66 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Penske Automotive Group by 179.0% during the second quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock worth $50,000 after buying an additional 179 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PAG has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Weiss Ratings raised shares of Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Morgan Stanley reissued an “overweight” rating and issued a $190.00 target price on shares of Penske Automotive Group in a research report on Thursday, May 7th. Bank of America upped their target price on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Citigroup cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and increased their price target for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $208.50.

Insider Buying and Selling at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This represents a 7.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 52.90% of the stock is currently owned by corporate insiders.

Penske Automotive Group Stock Performance

Shares of PAG opened at $219.59 on Wednesday. The stock has a market capitalization of $14.42 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 2.90 and a beta of 0.84. The business’s fifty day moving average price is $201.67 and its 200 day moving average price is $175.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.20. The firm 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%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.78 earnings per share. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.61 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $1.44 dividend. 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 annualized dividend and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio (DPR) is presently 42.42%.

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.