Corient Private Wealth LP Takes Position in Penske Automotive Group, Inc. $PAG

Corient Private Wealth LP purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,569 shares of the company’s stock, valued at approximately $1,533,000.

Other hedge funds have also bought and sold shares of the company. Navalign LLC bought a new stake in Penske Automotive Group in the fourth quarter valued at about $26,000. International Assets Investment Management LLC bought a new position in Penske Automotive Group during the 4th quarter worth approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Penske Automotive Group in the 2nd quarter worth approximately $35,000. Rothschild Investment LLC grew its position 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 in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Penske Automotive Group by 179.0% in the 2nd quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock valued at $50,000 after acquiring an additional 179 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $219.53 on Friday. The company has a market cap of $14.41 billion, a P/E ratio of 16.17 and a beta of 0.84. The business has a 50 day moving average of $207.32 and a two-hundred day moving average of $178.01. Penske Automotive Group, Inc. has a 52 week low of $140.12 and a 52 week 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.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. The business had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.78 EPS. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.61 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, August 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s dividend payout ratio (DPR) is currently 42.42%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PAG. UBS Group set a $190.00 price target on Penske Automotive Group in a research report on Friday, July 10th. Stephens lifted 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 report on Monday, August 3rd. Weiss Ratings upgraded shares of Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Finally, Bank of America increased their target price on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a report 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $208.50.

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.