16,896 Shares of Penske Automotive Group, Inc. $PAG Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 16,896 shares of Penske Automotive Group in the third quarter, valued at approximately $3.385 million. Institutional investors own 77.08% of the company’s stock.
• Analyst ratings are mixed: five analysts rate PAG a Buy and five a Hold, for a consensus “Moderate Buy” rating and a $211.71 price target.
• Quarterly revenue rose 4.5% year over year to $8.42 billion, above expectations, while EPS of $3.36 narrowly missed estimates. The company also raised its quarterly dividend to $1.46 per share.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 16,896 shares of the company's stock, valued at approximately $3,385,000.

Several other large investors also recently made changes to their positions in PAG. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Penske Automotive Group during the second quarter worth approximately $35,000. Root Financial Partners LLC bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth $44,000. Core Capital Management & Research inc. bought a new stake in shares of Penske Automotive Group during the 2nd quarter worth $43,000. Parkside Financial Bank & Trust grew its holdings in shares of Penske Automotive Group by 57.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 245 shares of the company's stock worth $44,000 after acquiring an additional 89 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Penske Automotive Group by 179.0% in the 2nd quarter. Versant Capital Management Inc now owns 279 shares of the company's stock worth $50,000 after acquiring an additional 179 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PAG shares. Benchmark cut Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Stephens lifted 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. UBS Group restated a "neutral" rating and set a $212.00 price target on shares of Penske Automotive Group in a report on Friday, October 16th. Weiss Ratings downgraded shares of Penske Automotive Group from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Penske Automotive Group from $215.00 to $210.00 and set a "neutral" rating for the company in a research note on Tuesday, October 6th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.71.

Penske Automotive Group Stock Up 0.2%

NYSE PAG traded up $0.35 during trading on Friday, reaching $212.56. 267,026 shares of the company's stock were exchanged, compared to its average volume of 668,741. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.35. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $227.00. The company's fifty day simple moving average is $210.03 and its 200-day simple moving average is $183.97. The firm has a market capitalization of $13.96 billion, a PE ratio of 15.50 and a beta of 0.92.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $3.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.37 by ($0.01). The company had revenue of $8.42 billion during the quarter, compared to analysts' expectations of $8.14 billion. Penske Automotive Group had a return on equity of 14.82% and a net margin of 2.77%. Penske Automotive Group's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $3.23 earnings per share. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.39 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $1.46 per share. The ex-dividend date is Friday, November 13th. This represents a $5.84 annualized dividend and a dividend yield of 2.7%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.44. Penske Automotive Group's dividend payout ratio is presently 42.01%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. Through its retail automotive operations, the company sells new and used cars and trucks representing a range of manufacturers and provides related services, including vehicle maintenance and repair, parts, collision repair, financing, insurance products and extended service contracts.

The company also operates commercial truck dealerships that sell and service new and used trucks and offer parts and maintenance services to commercial customers.

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