CIBC Asset Management Inc Grows Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

CIBC Asset Management Inc lifted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 3.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,946 shares of the company’s stock after purchasing an additional 69 shares during the period. CIBC Asset Management Inc’s holdings in Penske Automotive Group were worth $316,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gabelli Funds LLC boosted its stake in shares of Penske Automotive Group by 6.2% during the first quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock valued at $13,850,000 after purchasing an additional 5,000 shares in the last quarter. Hyperion Capital Advisors LP bought a new position in shares of Penske Automotive Group in the 1st quarter worth $279,000. Janus Henderson Group PLC lifted its stake in shares of Penske Automotive Group by 4.8% during the 1st quarter. Janus Henderson Group PLC now owns 30,736 shares of the company’s stock worth $4,980,000 after purchasing an additional 1,405 shares during the last quarter. Tidal Investments LLC bought a new stake in Penske Automotive Group during the first quarter valued at about $954,000. Finally, Cetera Advisors LLC purchased a new position in Penske Automotive Group in the first quarter valued at about $230,000. 77.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PAG. JPMorgan Chase & Co. increased their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Finally, Morgan Stanley upgraded 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.

Penske Automotive Group Stock Performance

NYSE PAG opened at $160.86 on Friday. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72. The firm has a market capitalization of $10.74 billion, a P/E ratio of 12.33 and a beta of 1.17. The stock’s fifty day moving average is $156.88 and its two-hundred day moving average is $156.45. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period last year, the business earned $3.90 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.63 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 2.96%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date is 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.