Burgundy Asset Management Ltd. Grows Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Burgundy Asset Management Ltd. grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 1.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 777,574 shares of the company’s stock after purchasing an additional 13,968 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 1.16% of Penske Automotive Group worth $115,874,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its holdings in Penske Automotive Group by 1.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,186 shares of the company’s stock worth $672,000 after acquiring an additional 73 shares during the period. Arizona State Retirement System grew its stake in shares of Penske Automotive Group by 1.5% in the second quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock worth $838,000 after purchasing an additional 84 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after buying an additional 91 shares during the period. State of Michigan Retirement System raised its holdings in Penske Automotive Group by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 4,800 shares of the company’s stock worth $778,000 after purchasing an additional 100 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its holdings in Penske Automotive Group by 1.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 6,985 shares of the company’s stock worth $1,041,000 after buying an additional 102 shares during the period. Institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Bank of America boosted their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Stephens began coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.40.

Penske Automotive Group Stock Down 0.0 %

Shares of PAG opened at $157.60 on Thursday. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a 52-week low of $137.95 and a 52-week high of $179.72. The company has a market cap of $10.52 billion, a PE ratio of 10.96 and a beta of 1.16. The business has a fifty day moving average of $161.34 and a 200 day moving average of $155.42.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.39 by $0.22. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. During the same quarter last year, the business earned $4.41 EPS. The business’s revenue was up 3.1% on a year-over-year basis. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.79 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.72%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, August 15th. Penske Automotive Group’s dividend payout ratio is presently 29.76%.

Insider Transactions at Penske Automotive Group

In related news, Director John Barr sold 716 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Company 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.