Jupiter Topco LLC Buys New Stake in Penske Automotive Group, Inc. $PAG

Jupiter Topco LLC purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 8,472 shares of the company’s stock, valued at approximately $1,518,000.

A number of other large investors have also made changes to their positions in the business. Kendall Capital Management purchased a new stake in Penske Automotive Group in the second quarter valued at about $1,303,000. Jefferies Financial Group Inc. purchased a new stake in shares of Penske Automotive Group during the fourth quarter worth about $3,679,000. Renaissance Technologies LLC increased its holdings in shares of Penske Automotive Group by 15.6% during the first quarter. Renaissance Technologies LLC now owns 81,500 shares of the company’s stock valued at $12,186,000 after acquiring an additional 11,000 shares in the last quarter. Independent Solutions Wealth Management LLC acquired a new position in shares of Penske Automotive Group during the fourth quarter valued at about $2,649,000. Finally, Norges Bank purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at approximately $32,137,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on PAG shares. Stephens boosted their target price on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Bank of America increased their price target 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. 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. Citigroup downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their price objective for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. raised their target price on Penske Automotive Group from $170.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $208.50.

Penske Automotive Group Price Performance

NYSE:PAG opened at $219.41 on Friday. 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, Inc. has a 52 week low of $140.12 and a 52 week high of $227.00. The stock’s 50-day moving average price is $208.07 and its 200-day moving average price is $178.30. The stock has a market capitalization of $14.41 billion, a PE ratio of 16.16 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The company had revenue of $8.51 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the prior year, the business posted $3.78 earnings per share. Penske Automotive Group’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts expect that Penske Automotive Group, Inc. will post 13.66 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were given a dividend of $1.44 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date was Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. Penske Automotive Group’s payout ratio is 42.42%.

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.