Penske Automotive Group, Inc. $PAG Shares Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. increased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,407 shares of the company’s stock after purchasing an additional 148 shares during the period. QRG Capital Management Inc.’s holdings in Penske Automotive Group were worth $585,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PAG. Truist Financial Corp increased its holdings in Penske Automotive Group by 11.5% during the 2nd quarter. Truist Financial Corp now owns 2,506 shares of the company’s stock valued at $431,000 after acquiring an additional 259 shares in the last quarter. Greenleaf Trust acquired a new position in Penske Automotive Group during the second quarter valued at approximately $206,000. Sound Income Strategies LLC acquired a new position in Penske Automotive Group during the second quarter valued at approximately $34,000. Maridea Wealth Management LLC purchased a new stake in shares of Penske Automotive Group during the second quarter valued at approximately $513,000. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Penske Automotive Group by 1.1% during the second quarter. Public Employees Retirement System of Ohio now owns 5,740 shares of the company’s stock valued at $986,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PAG. Benchmark boosted their target price on shares of Penske Automotive Group from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Morgan Stanley upped their price objective on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Weiss Ratings restated a “buy (b+)” rating on shares of Penske Automotive Group in a report on Wednesday. Bank of America upped their target price on Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a report on Monday, June 16th. Finally, Citigroup boosted their price target on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $184.33.

Insider Transactions at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 1,100 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the sale, the chief financial officer owned 18,922 shares of the company’s stock, valued at $3,454,211.10. This trade represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Price Performance

Shares of PAG stock opened at $165.35 on Friday. The stock’s fifty day moving average is $178.91 and its 200-day moving average is $168.59. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. The stock has a market capitalization of $10.92 billion, a PE ratio of 11.51 and a beta of 0.88. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping the consensus estimate of $3.56 by $0.22. The company had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.61 earnings per share. Equities research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 3.2%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.26. The ex-dividend date was Friday, August 15th. Penske Automotive Group’s dividend payout ratio (DPR) is 36.74%.

About Penske Automotive Group

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.