64,010 Shares in Penske Automotive Group, Inc. $PAG Bought by PDT Partners LLC

PDT Partners LLC bought a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 64,010 shares of the company’s stock, valued at approximately $11,455,000.

Other hedge funds also recently added to or reduced their stakes in the company. Palisade Capital Management LP acquired a new position in shares of Penske Automotive Group during the second quarter valued at $1,621,000. Legal & General Group Plc bought a new position in shares of Penske Automotive Group during the second quarter worth about $4,844,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Penske Automotive Group in the 2nd quarter worth about $2,637,000. Sanctuary Advisors LLC acquired a new stake in shares of Penske Automotive Group in the 2nd quarter worth about $272,000. Finally, Kendall Capital Management bought a new stake in Penske Automotive Group in the 2nd quarter valued at about $1,303,000. 77.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 52.90% of the stock is currently owned by insiders.

Penske Automotive Group Stock Performance

Shares of PAG opened at $219.59 on Wednesday. The firm has a 50-day moving average price of $201.67 and a 200 day moving average price of $175.59. The firm has a market capitalization of $14.42 billion, a PE ratio of 16.17, a P/E/G ratio of 2.90 and a beta of 0.84. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $227.00.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. The company 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 2.81% and a return on equity of 14.78%. Penske Automotive Group’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.78 EPS. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.61 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $1.44 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, August 14th. Penske Automotive Group’s dividend payout ratio (DPR) is 42.42%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stephens boosted their target price on shares of Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. Morgan Stanley reaffirmed an “overweight” rating and set a $190.00 price target on shares of Penske Automotive Group in a report on Thursday, May 7th. Citigroup downgraded Penske Automotive Group from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. Benchmark cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. Five 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, Penske Automotive Group has an average rating of “Moderate Buy” and an average price target of $208.50.

Penske Automotive Group 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.