Penske Automotive Group, Inc. $PAG Shares Acquired by CX Institutional

CX Institutional grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 260.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,436 shares of the company’s stock after purchasing an additional 5,372 shares during the quarter. CX Institutional’s holdings in Penske Automotive Group were worth $1,331,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Navalign LLC acquired a new position in Penske Automotive Group during the 4th quarter valued at about $26,000. International Assets Investment Management LLC acquired a new stake in Penske Automotive Group in the fourth quarter worth about $30,000. Rothschild Investment LLC boosted its holdings in Penske Automotive Group by 37.5% in the fourth 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. Acadian Asset Management LLC purchased a new stake in shares of Penske Automotive Group during the first quarter worth about $42,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Penske Automotive Group by 186.6% during the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock valued at $51,000 after acquiring an additional 209 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Trading Down 1.5%

Shares of NYSE:PAG opened at $215.84 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The business has a 50 day moving average of $189.69 and a two-hundred day moving average of $170.02. The company has a market capitalization of $14.17 billion, a PE ratio of 15.89, a PEG ratio of 2.94 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The firm had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. During the same period in the previous year, the firm earned $3.78 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts forecast that Penske Automotive Group, Inc. will post 13.48 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $1.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a yield of 2.7%. Penske Automotive Group’s dividend payout ratio is presently 41.83%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PAG shares. Barclays increased their price objective on shares of Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Benchmark lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. UBS Group set a $190.00 price target on shares of Penske Automotive Group in a report on Friday, July 10th. Citigroup downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Finally, Morgan Stanley reissued an “overweight” rating and set a $190.00 price objective on shares of Penske Automotive Group in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $207.88.

Insider Transactions at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michelle Hulgrave sold 1,500 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the completion of the transaction, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 52.90% of the company’s stock.

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.