Point72 Asset Management L.P. Acquires 10,000 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Asset Management L.P. boosted its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 217.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,600 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. Point72 Asset Management L.P.’s holdings in Penske Automotive Group were worth $2,226,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Wealthspire Advisors LLC increased its holdings in Penske Automotive Group by 2.4% in the fourth quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company’s stock worth $417,000 after purchasing an additional 63 shares in the last quarter. Blue Chip Partners LLC increased its holdings in Penske Automotive Group by 0.7% in the fourth quarter. Blue Chip Partners LLC now owns 10,606 shares of the company’s stock worth $1,617,000 after purchasing an additional 73 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Penske Automotive Group by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,055 shares of the company’s stock worth $313,000 after purchasing an additional 109 shares in the last quarter. Xponance Inc. increased its holdings in Penske Automotive Group by 4.0% in the fourth quarter. Xponance Inc. now owns 2,995 shares of the company’s stock worth $457,000 after purchasing an additional 115 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in Penske Automotive Group by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 35,579 shares of the company’s stock worth $5,424,000 after purchasing an additional 120 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

Penske Automotive Group Trading Down 0.5%

Shares of Penske Automotive Group stock opened at $166.14 on Wednesday. The stock has a fifty day simple moving average of $153.01 and a 200 day simple moving average of $158.90. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $180.12. The company has a market capitalization of $10.99 billion, a P/E ratio of 12.08 and a beta of 0.90. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.12. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter in the prior year, the company posted $3.21 earnings per share. Penske Automotive Group’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group declared that its board has authorized a stock buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be issued a dividend of $1.26 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 3.03%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.22. Penske Automotive Group’s dividend payout ratio is 35.49%.

Insider Buying and Selling

In related news, Director John Barr sold 1,529 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 51.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PAG has been the subject of several recent research reports. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 23rd. Citigroup boosted their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a report on Monday. JPMorgan Chase & Co. decreased their price objective on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a report on Thursday, March 27th. Finally, Stephens restated an “equal weight” rating and set a $140.00 price objective on shares of Penske Automotive Group in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Penske Automotive Group 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.