Penske Automotive Group, Inc. (NYSE:PAG) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC lifted its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 176.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,333 shares of the company’s stock after acquiring an additional 8,504 shares during the quarter. Cerity Partners LLC’s holdings in Penske Automotive Group were worth $2,166,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PAG. AQR Capital Management LLC raised its position in Penske Automotive Group by 31.1% in the second quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock valued at $62,280,000 after purchasing an additional 99,164 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Penske Automotive Group by 12,674.5% in the 3rd quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock valued at $9,606,000 after buying an additional 58,683 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Penske Automotive Group in the 2nd quarter valued at $3,742,000. Susquehanna Fundamental Investments LLC lifted its stake in Penske Automotive Group by 720.6% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 23,796 shares of the company’s stock worth $3,546,000 after acquiring an additional 20,896 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Penske Automotive Group by 88.8% during the 2nd quarter. Texas Permanent School Fund Corp now owns 32,210 shares of the company’s stock valued at $4,800,000 after acquiring an additional 15,151 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Price Performance

PAG stock opened at $166.54 on Monday. The business’s 50-day moving average is $158.27 and its two-hundred day moving average is $156.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The firm has a market capitalization of $11.12 billion, a P/E ratio of 12.76 and a beta of 1.17. Penske Automotive Group, Inc. has a 1 year low of $142.32 and a 1 year high of $179.72.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share 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 firm had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter in the previous year, the company posted $3.90 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Analysts anticipate that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

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

Analyst Upgrades and Downgrades

PAG has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note 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 target price on the stock.

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.