Penske Automotive Group, Inc. $PAG Shares Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lifted its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 56.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,166 shares of the company’s stock after buying an additional 17,836 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Penske Automotive Group were worth $8,550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PAG. Meixler Investment Management Ltd. purchased a new position in shares of Penske Automotive Group during the 3rd quarter valued at approximately $1,154,000. Bahl & Gaynor Inc. boosted its holdings in Penske Automotive Group by 32.7% during the second quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock worth $21,953,000 after buying an additional 31,463 shares in the last quarter. Convergence Investment Partners LLC acquired a new stake in Penske Automotive Group during the third quarter valued at $1,157,000. Alps Advisors Inc. acquired a new stake in Penske Automotive Group during the third quarter valued at $5,585,000. Finally, JPMorgan Chase & Co. increased its holdings in Penske Automotive Group by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company’s stock valued at $19,439,000 after buying an additional 19,561 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $147.22 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 fifty day moving average of $161.94 and a 200 day moving average of $166.60. The firm has a market cap of $9.68 billion, a PE ratio of 10.91, a PEG ratio of 1.56 and a beta of 0.90. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $189.51.

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

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were paid a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $5.60 dividend on an annualized basis and a yield of 3.8%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.38. Penske Automotive Group’s dividend payout ratio is 41.48%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a research report on Monday, December 8th. Barclays lifted their price target on Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, February 17th. Finally, Bank of America started coverage on Penske Automotive Group in a report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.43.

Penske Automotive Group Company 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.