Renaissance Technologies LLC Has $6.94 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Renaissance Technologies LLC boosted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 97.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,500 shares of the company’s stock after buying an additional 22,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Penske Automotive Group were worth $6,936,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PAG. GAMMA Investing LLC lifted its holdings in Penske Automotive Group by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 262 shares of the company’s stock worth $40,000 after purchasing an additional 81 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Penske Automotive Group in the fourth quarter valued at approximately $40,000. Headlands Technologies LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter worth $76,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth $94,000. Finally, KBC Group NV grew its stake in Penske Automotive Group by 33.5% in the 4th quarter. KBC Group NV now owns 749 shares of the company’s stock valued at $114,000 after buying an additional 188 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PAG. JPMorgan Chase & Co. cut their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, March 27th. Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Finally, StockNews.com lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $166.25.

Insider Activity

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $173.03, for a total value of $1,513,320.38. Following the sale, the executive vice president now directly owns 28,917 shares in the company, valued at $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Barr sold 1,529 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The disclosure for this sale can be found here. 51.70% of the stock is owned by company insiders.

Penske Automotive Group Stock Up 1.4 %

PAG stock opened at $151.74 on Friday. The business’s 50-day simple moving average is $156.40 and its 200 day simple moving average is $158.18. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a market cap of $10.13 billion, a PE ratio of 11.04 and a beta of 1.03. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $3.37 by $0.17. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.22%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 35.49%.

Penske Automotive Group Company Profile

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.