Penske Automotive Group, Inc. $PAG Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC raised its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 15.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,500 shares of the company’s stock after purchasing an additional 11,000 shares during the period. Renaissance Technologies LLC owned about 0.12% of Penske Automotive Group worth $12,186,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in shares of Penske Automotive Group by 8.5% in the 1st quarter. Bessemer Group Inc. now owns 830 shares of the company’s stock worth $124,000 after purchasing an additional 65 shares in the last quarter. California State Teachers Retirement System grew its stake in Penske Automotive Group by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock valued at $3,167,000 after acquiring an additional 65 shares in the last quarter. Rothschild Investment LLC increased its stake in Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after buying an additional 66 shares during the period. Focus Partners Advisor Solutions LLC increased its stake in shares of Penske Automotive Group by 2.7% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company’s stock worth $416,000 after acquiring an additional 70 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Penske Automotive Group by 20.8% during the 4th quarter. UMB Bank n.a. now owns 488 shares of the company’s stock worth $77,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insider Activity

In related news, Director Greg C. Smith sold 1,488 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michelle Hulgrave sold 1,500 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 52.90% of the company’s stock.

Analyst Upgrades and Downgrades

PAG has been the subject of several analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. Bank of America raised their price objective on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. UBS Group set a $190.00 price target on shares of Penske Automotive Group in a report on Friday, July 10th. Finally, Citigroup lowered Penske Automotive Group from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $196.00.

Penske Automotive Group Price Performance

PAG opened at $217.92 on Friday. The company has a fifty day moving average price of $186.65 and a two-hundred day moving average price of $168.86. The firm has a market capitalization of $14.33 billion, a PE ratio of 16.05, a P/E/G ratio of 2.92 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.22 and a current ratio of 0.98. Penske Automotive Group, Inc. has a 52 week low of $140.12 and a 52 week high of $227.00.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The firm had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same quarter last year, the business earned $3.78 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.48 earnings per share 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. Investors of record on Friday, August 14th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 14th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio (DPR) is 41.83%.

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.