Algert Global LLC Acquires Shares of 2,024 Penske Automotive Group, Inc. (NYSE:PAG)

Algert Global LLC acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,024 shares of the company’s stock, valued at approximately $302,000.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Penske Automotive Group by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock valued at $326,800,000 after purchasing an additional 5,399 shares during the last quarter. Burgundy Asset Management Ltd. lifted its holdings in shares of Penske Automotive Group by 1.8% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock valued at $115,874,000 after buying an additional 13,968 shares during the period. AQR Capital Management LLC boosted its stake in shares of Penske Automotive Group by 31.1% in the second quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock worth $62,280,000 after buying an additional 99,164 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Penske Automotive Group by 6.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 300,476 shares of the company’s stock worth $48,229,000 after acquiring an additional 18,310 shares during the period. Finally, Millennium Management LLC raised its position in Penske Automotive Group by 9.1% during the second quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock valued at $18,818,000 after acquiring an additional 10,522 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Insider Buying and Selling at Penske Automotive Group

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. JPMorgan Chase & Co. upped their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the stock 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 set an “equal weight” rating and a $161.00 price target on the stock. Bank of America lifted their price objective 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. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $175.40.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $154.91 on Wednesday. The stock has a market capitalization of $10.34 billion, a P/E ratio of 10.77 and a beta of 1.16. The company’s fifty day moving average price is $161.72 and its 200 day moving average price is $155.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98. Penske Automotive Group, Inc. has a 1 year low of $137.95 and a 1 year high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating 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 business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same quarter last year, the business earned $4.41 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.82 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.76%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s dividend payout ratio is presently 29.76%.

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.