SummitTX Capital L.P. Boosts Stake in Penske Automotive Group, Inc. $PAG

SummitTX Capital L.P. grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 177.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,164 shares of the company’s stock after purchasing an additional 7,141 shares during the period. SummitTX Capital L.P.’s holdings in Penske Automotive Group were worth $1,669,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PAG. Navalign LLC purchased a new position in Penske Automotive Group in the fourth quarter valued at about $26,000. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth approximately $30,000. Rothschild Investment LLC grew its holdings in shares of Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after acquiring an additional 66 shares during the period. Acadian Asset Management LLC purchased a new position in Penske Automotive Group in the 1st quarter valued at approximately $42,000. Finally, Global Retirement Partners LLC increased its stake in Penske Automotive Group by 186.6% in the 4th quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock valued at $51,000 after purchasing an additional 209 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Trading Up 1.3%

Shares of PAG stock opened at $222.76 on Thursday. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $227.00. The firm’s 50 day moving average price is $184.41 and its two-hundred day moving average price is $168.13. The stock has a market cap of $14.65 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 2.85 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.42 by $0.20. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The business had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. During the same quarter last year, the firm earned $3.78 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Penske Automotive Group, Inc. will post 13.45 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $1.44 per share. The ex-dividend date is Friday, August 14th. This represents a $5.76 annualized dividend and a yield of 2.6%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio (DPR) is presently 42.39%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Citigroup cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Barclays lifted their price objective on Penske Automotive Group from $190.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Bank of America increased their target price on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Benchmark lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $196.00.

Insiders Place Their Bets

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares in the company, valued at $3,022,992.80. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Greg C. Smith sold 1,488 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. 52.90% of the stock is currently owned by insiders.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.