nVerses Capital LLC Acquires Shares of 1,900 Penske Automotive Group, Inc. (NYSE:PAG)

nVerses Capital LLC bought a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,900 shares of the company’s stock, valued at approximately $309,000.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake 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 valued at $672,000 after purchasing an additional 73 shares during the last quarter. Applied Capital LLC FL boosted its position in shares of Penske Automotive Group by 0.4% during the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after buying an additional 77 shares during the last quarter. Arizona State Retirement System increased its holdings in 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 raised its position in Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after buying an additional 91 shares during the last quarter. Finally, State of Michigan Retirement System lifted its stake 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 during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Bank of America raised their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Stephens initiated 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $175.40.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total transaction of $122,228.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 52.20% of the company’s stock.

Penske Automotive Group Trading Down 0.8 %

Shares of Penske Automotive Group stock opened at $157.18 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The stock has a market capitalization of $10.49 billion, a PE ratio of 11.57 and a beta of 1.16. Penske Automotive Group, Inc. has a 1-year low of $137.95 and a 1-year high of $179.72. The company’s fifty day simple moving average is $160.30 and its 200-day simple moving average is $155.75.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, beating 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 company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.59 billion. During the same period in the previous year, the business earned $4.41 earnings per share. Penske Automotive Group’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, equities analysts anticipate that Penske Automotive Group, Inc. will post 13.78 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a dividend of $1.19 per share. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a yield of 3.03%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is currently 31.52%.

About Penske Automotive Group

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.