Legal & General Group Plc Buys Shares of 27,068 Penske Automotive Group, Inc. $PAG

Legal & General Group Plc bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, HoldingsChannel reports. The fund bought 27,068 shares of the company’s stock, valued at approximately $4,844,000.

Other institutional investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new position in shares of Penske Automotive Group in the 2nd quarter worth approximately $2,637,000. Sanctuary Advisors LLC acquired a new stake in Penske Automotive Group in the 2nd quarter valued at approximately $272,000. Kendall Capital Management acquired a new stake in Penske Automotive Group in the 2nd quarter valued at approximately $1,303,000. Elevation Point Wealth Partners LLC purchased a new stake in Penske Automotive Group in the second quarter valued at approximately $2,316,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Penske Automotive Group in the second quarter valued at approximately $222,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Benchmark lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. UBS Group set a $190.00 target price on Penske Automotive Group in a research note on Friday, July 10th. Weiss Ratings upgraded Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Finally, Stephens lifted their target price on Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus price target of $208.50.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $219.53 on Friday. 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. The firm has a market cap of $14.41 billion, a PE ratio of 16.17 and a beta of 0.84. The company’s 50 day moving average is $207.32 and its two-hundred day moving average is $178.01.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the previous year, the firm posted $3.78 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a dividend of $1.44 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date was Friday, August 14th. This represents a $5.76 annualized dividend and a yield of 2.6%. Penske Automotive Group’s dividend payout ratio (DPR) is currently 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.