Denali Advisors LLC Makes New Investment in Penske Automotive Group, Inc. $PAG

Denali Advisors LLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,381 shares of the company’s stock, valued at approximately $1,321,000.

Other institutional investors also recently modified their holdings of the company. Jefferies Financial Group Inc. bought a new position in shares of Penske Automotive Group in the fourth quarter worth about $3,679,000. Renaissance Technologies LLC boosted its stake in Penske Automotive Group by 15.6% during the 1st quarter. Renaissance Technologies LLC now owns 81,500 shares of the company’s stock valued at $12,186,000 after purchasing an additional 11,000 shares during the period. Independent Solutions Wealth Management LLC bought a new stake in Penske Automotive Group during the 4th quarter valued at approximately $2,649,000. Norges Bank acquired a new stake in Penske Automotive Group in the 4th quarter valued at approximately $32,137,000. Finally, Bank of America Corp DE grew its holdings in Penske Automotive Group by 4.5% in the 1st quarter. Bank of America Corp DE now owns 463,784 shares of the company’s stock valued at $69,345,000 after buying an additional 19,850 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Insider Activity at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,500 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the completion of the transaction, the chief financial officer directly owned 17,596 shares in the company, valued at approximately $3,022,992.80. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 52.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PAG. Barclays lifted their price target on Penske Automotive Group from $220.00 to $225.00 and gave the stock an “overweight” rating in a research report on Wednesday. Stephens raised their price objective on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Weiss Ratings raised shares of Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. Citigroup lowered shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. Finally, Bank of America upped their target price on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group currently has a consensus rating of “Moderate Buy” and an average target price of $208.50.

Penske Automotive Group Trading Up 0.7%

Shares of PAG opened at $217.83 on Thursday. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $14.30 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 2.87 and a beta of 0.84. The stock’s 50-day moving average price is $198.70 and its 200 day moving average price is $173.95.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 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 company had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter last year, the company earned $3.78 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that Penske Automotive Group, Inc. will post 13.61 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $1.44 dividend. The ex-dividend date is Friday, August 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. Penske Automotive Group’s dividend payout ratio is currently 42.42%.

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.