Point72 Hong Kong Ltd Buys New Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Hong Kong Ltd purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,180 shares of the company’s stock, valued at approximately $1,004,000.

Other institutional investors have also bought and sold shares of the company. CIBC Asset Management Inc raised its position in shares of Penske Automotive Group by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock valued at $316,000 after buying an additional 69 shares in the last quarter. Applied Capital LLC FL raised its position in Penske Automotive Group by 0.4% during the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after purchasing an additional 77 shares during the period. Arizona State Retirement System lifted its stake in shares of Penske Automotive Group by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock valued at $838,000 after purchasing an additional 84 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its holdings in shares of Penske Automotive Group by 5.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company’s stock worth $277,000 after purchasing an additional 84 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after purchasing an additional 91 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

PAG has been the subject of a number of analyst reports. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. raised their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Finally, Stephens assumed coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price target on the stock.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $166.54 on Monday. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average is $158.27 and its two-hundred day moving average is $156.91. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $179.72. The company has a market capitalization of $11.12 billion, a PE ratio of 12.76 and a beta of 1.17.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. During the same quarter in the previous year, the company posted $3.90 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts expect that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is currently 36.48%.

Penske Automotive Group Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.