Point72 Asset Management L.P. Invests $747,000 in Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Asset Management L.P. bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, Holdings Channel.com reports. The firm bought 4,600 shares of the company’s stock, valued at approximately $747,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAG. Fifth Third Bancorp grew its holdings in Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after buying an additional 91 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Penske Automotive Group during the second quarter worth $69,000. True Wealth Design LLC grew its stake in Penske Automotive Group by 14,833.3% during the third quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after acquiring an additional 445 shares in the last quarter. Transamerica Financial Advisors Inc. increased its holdings in Penske Automotive Group by 45,300.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock valued at $74,000 after acquiring an additional 453 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Penske Automotive Group in the 3rd quarter valued at $112,000. Institutional investors own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PAG. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. Stephens initiated coverage on Penske Automotive Group in a report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price target for the company. Finally, 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 report on Tuesday, September 10th.

Penske Automotive Group Stock Down 0.2 %

Shares of NYSE PAG opened at $163.49 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 12-month low of $142.32 and a 12-month high of $179.72. The firm’s 50-day moving average price is $158.87 and its 200-day moving average price is $157.46. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of 12.53 and a beta of 1.18.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02). The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. Penske Automotive Group’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.90 earnings per share. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th were paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 2.91%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group’s payout ratio is presently 36.48%.

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.