Penske Automotive Group, Inc. $PAG Stock Holdings Lifted by Rhumbline Advisers

Rhumbline Advisers increased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 15.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,783 shares of the company’s stock after acquiring an additional 7,978 shares during the quarter. Rhumbline Advisers owned 0.09% of Penske Automotive Group worth $10,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. grew its position in Penske Automotive Group by 3.1% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 890,356 shares of the company’s stock worth $152,972,000 after purchasing an additional 26,827 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Penske Automotive Group by 21.1% during the second quarter. AQR Capital Management LLC now owns 681,741 shares of the company’s stock valued at $116,953,000 after buying an additional 118,976 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after buying an additional 84,045 shares during the period. Norges Bank purchased a new stake in Penske Automotive Group in the 2nd quarter worth about $32,425,000. Finally, Moran Wealth Management LLC boosted its position in Penske Automotive Group by 0.7% during the 3rd quarter. Moran Wealth Management LLC now owns 152,898 shares of the company’s stock worth $26,590,000 after acquiring an additional 988 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Penske Automotive Group in a report on Friday, October 31st. JPMorgan Chase & Co. lowered their price objective on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Bank of America initiated coverage on shares of Penske Automotive Group in a research note on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price objective on the stock. Barclays increased their target price on shares of Penske Automotive Group from $190.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and an average target price of $184.43.

Penske Automotive Group Price Performance

Shares of PAG opened at $167.23 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.99. The firm has a market cap of $11.01 billion, a PE ratio of 12.39, a PEG ratio of 1.71 and a beta of 0.92. The firm’s 50 day moving average price is $164.29 and its 200 day moving average price is $168.92. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $189.51.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.91 EPS for the quarter, missing the consensus estimate of $3.19 by ($0.28). The business had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.62 billion. Penske Automotive Group had a return on equity of 15.77% and a net margin of 2.91%.The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.54 EPS. As a group, research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Wednesday, February 25th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.3%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.38. The ex-dividend date is Wednesday, February 25th. Penske Automotive Group’s dividend payout ratio is 40.89%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 2,100 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $160.17, for a total value of $336,357.00. Following the completion of the sale, the chief financial officer owned 16,822 shares of the company’s stock, valued at $2,694,379.74. The trade was a 11.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 51.70% of the stock is owned by corporate insiders.

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.