Palisade Capital Management LP Makes New Investment in Penske Automotive Group, Inc. $PAG

Palisade Capital Management LP acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 9,058 shares of the company’s stock, valued at approximately $1,621,000.

Other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in Penske Automotive Group by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after purchasing an additional 84,045 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Penske Automotive Group by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock valued at $9,918,000 after buying an additional 3,100 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Penske Automotive Group in the 1st quarter valued at about $42,000. EverSource Wealth Advisors LLC boosted its position in Penske Automotive Group by 506.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company’s stock valued at $151,000 after buying an additional 735 shares during the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Penske Automotive Group by 47.0% during the second quarter. Brown Advisory Inc. now owns 3,108 shares of the company’s stock valued at $534,000 after acquiring an additional 994 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.9%

NYSE:PAG opened at $217.83 on Thursday. The company has a market capitalization of $14.30 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 2.92 and a beta of 0.84. Penske Automotive Group, Inc. has a one year low of $140.12 and a one year high of $227.00. The stock has a 50-day simple moving average of $202.59 and a 200 day simple moving average of $175.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.21 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG) last released 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 net margin of 2.81% and a return on equity of 14.78%. The firm had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the previous year, the company posted $3.78 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend is Friday, August 14th. Penske Automotive Group’s dividend payout ratio is presently 42.42%.

Insider Activity

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction 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 of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 52.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PAG shares. Morgan Stanley reiterated an “overweight” rating and issued a $190.00 price target on shares of Penske Automotive Group in a research note on Thursday, May 7th. Citigroup lowered Penske Automotive Group from a “buy” rating to a “neutral” rating and raised their price objective for the company from $199.00 to $210.00 in a research note on Thursday, July 23rd. Benchmark downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. UBS Group set a $190.00 target price on Penske Automotive Group in a research report on Friday, July 10th. Finally, Barclays raised their price target on shares of Penske Automotive Group from $220.00 to $225.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $208.50.

Penske Automotive Group 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.