Elevation Point Wealth Partners LLC Takes Position in Penske Automotive Group, Inc. $PAG

Elevation Point Wealth Partners LLC acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,940 shares of the company’s stock, valued at approximately $2,316,000.

A number of other institutional investors also recently bought and sold shares of the stock. Navalign LLC purchased a new position in Penske Automotive Group during the fourth quarter valued at $26,000. International Assets Investment Management LLC purchased a new stake in Penske Automotive Group in the fourth quarter worth about $30,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Penske Automotive Group in the second quarter worth about $35,000. Rothschild Investment LLC raised its stake in shares of Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after buying an additional 66 shares during the period. Finally, Acadian Asset Management LLC bought a new position in shares of Penske Automotive Group in the first quarter worth about $42,000. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock opened at $216.71 on Monday. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 2.88 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. The stock’s 50-day simple moving average is $200.13 and its 200-day simple moving average is $174.79. 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 earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20. The firm had revenue of $8.51 billion during the quarter, compared to analysts’ expectations of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.78 earnings per share. As a group, analysts expect 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. Stockholders of record on Friday, August 14th will be given a dividend of $1.44 per share. The ex-dividend date is Friday, August 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.7%. Penske Automotive Group’s dividend payout ratio (DPR) is 42.42%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PAG. Stephens lifted their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Penske Automotive Group from $170.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Citigroup downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price target for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. Benchmark lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Morgan Stanley reissued an “overweight” rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Penske Automotive Group presently has an average rating of “Moderate Buy” and an average price target of $208.50.

Insider Activity at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 52.90% of the company’s stock.

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.