Penske Automotive Group, Inc. (NYSE:PAG) Shares Bought by Millennium Management LLC

Millennium Management LLC grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 9.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 126,278 shares of the company’s stock after purchasing an additional 10,522 shares during the period. Millennium Management LLC owned approximately 0.19% of Penske Automotive Group worth $18,818,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in Penske Automotive Group by 1.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,186 shares of the company’s stock worth $672,000 after purchasing an additional 73 shares during the last quarter. Arizona State Retirement System boosted its position 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 worth $838,000 after buying an additional 84 shares in the last quarter. Fifth Third Bancorp grew its stake in 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 acquiring an additional 91 shares during the last quarter. State of Michigan Retirement System increased its holdings in Penske Automotive Group by 2.1% during the 1st quarter. State of Michigan Retirement System now owns 4,800 shares of the company’s stock valued at $778,000 after acquiring an additional 100 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC raised its position in Penske Automotive Group by 1.5% during the second quarter. Linden Thomas Advisory Services LLC now owns 6,985 shares of the company’s stock worth $1,041,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

NYSE:PAG opened at $158.06 on Friday. The company has a market cap of $10.57 billion, a P/E ratio of 10.99 and a beta of 1.16. The firm’s 50 day moving average is $162.07 and its two-hundred day moving average is $156.03. Penske Automotive Group, Inc. has a fifty-two week low of $137.95 and a fifty-two week high of $179.72. 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 (NYSE:PAG) last issued its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.39 by $0.22. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same period last year, the company posted $4.41 EPS. The business’s quarterly revenue was up 3.1% on a year-over-year basis. Analysts expect that Penske Automotive Group, Inc. will post 13.83 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders 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 2.71%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s payout ratio is presently 29.76%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their price target for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price target on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Stephens assumed coverage on Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company. Finally, Bank of America boosted their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $175.40.

Insider Transactions at Penske Automotive Group

In other news, Director John Barr sold 716 shares of the stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.