Aristeia Capital L.L.C. Takes Position in Penske Automotive Group, Inc. (NYSE:PAG)

Aristeia Capital L.L.C. bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,201 shares of the company’s stock, valued at approximately $626,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAG. PNC Financial Services Group Inc. boosted its position in shares of 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 valued at $672,000 after acquiring an additional 73 shares in the last quarter. Arizona State Retirement System boosted its holdings in Penske Automotive Group by 1.5% during the second 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 in the last quarter. Fifth Third Bancorp grew its stake in shares of Penske Automotive Group by 32.2% in 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 period. State of Michigan Retirement System raised its holdings in shares of 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 buying an additional 100 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its position in shares of Penske Automotive Group by 1.5% during the 2nd 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. 77.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of Penske Automotive Group stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $159.46 on Tuesday. Penske Automotive Group, Inc. has a 52 week low of $137.95 and a 52 week high of $179.72. The firm has a market cap of $10.66 billion, a P/E ratio of 11.09 and a beta of 1.16. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98. The business’s fifty day moving average is $161.67 and its two-hundred day moving average is $155.59.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $7.59 billion. During the same quarter in the prior year, the firm earned $4.41 EPS. The company’s revenue was up 3.1% on a year-over-year basis. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.79 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Thursday, August 15th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s payout ratio is 29.76%.

Analyst Ratings Changes

PAG has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. Stephens began coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. Finally, Bank of America lifted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Penske Automotive Group currently has an average rating of “Hold” and a consensus price target of $162.40.

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.