Hennion & Walsh Asset Management Inc. Boosts Stake in Penske Automotive Group, Inc. $PAG

Hennion & Walsh Asset Management Inc. boosted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 102.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,426 shares of the company’s stock after purchasing an additional 3,253 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Penske Automotive Group were worth $1,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PAG. Navalign LLC purchased a new stake in shares of Penske Automotive Group in the fourth quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new position in Penske Automotive Group during the 4th quarter valued at $30,000. Rothschild Investment LLC boosted its holdings in Penske Automotive Group by 37.5% during the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after acquiring an additional 66 shares during the period. Acadian Asset Management LLC bought a new position in Penske Automotive Group in the 1st quarter valued at $42,000. Finally, Versant Capital Management Inc grew its position in 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. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Price Performance

Shares of PAG stock opened at $218.20 on Thursday. Penske Automotive Group, Inc. has a twelve month low of $140.12 and a twelve month high of $227.00. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $194.37 and a two-hundred day simple moving average of $171.87. The stock has a market capitalization of $14.33 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 2.89 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.42 by $0.20. The firm had revenue of $8.51 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.78 earnings per share. On average, analysts predict that Penske Automotive Group, Inc. will post 13.57 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 14th. This is a positive change 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 Analysts Forecast Growth

Several analysts have recently weighed in on PAG shares. UBS Group set a $190.00 target price on Penske Automotive Group in a research report on Friday, July 10th. Morgan Stanley reaffirmed 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 shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Finally, 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. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $207.88.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. This represents a 7.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.90% of the company’s stock.

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.