Aigen Investment Management LP Acquires Shares of 7,276 Penske Automotive Group, Inc. $PAG

Key Points

• Aigen Investment Management initiated a new position in Penske Automotive Group, buying 7,276 shares valued at about $1.15 million in the fourth quarter.
• Penske Automotive recently reported better-than-expected quarterly results, with EPS of $3.05 versus the $2.91 consensus and revenue of $7.86 billion, while also raising its quarterly dividend to $1.42 per share.
• Analysts remain generally positive on PAG, with a Moderate Buy consensus and an average price target of $182.63, though some insiders have recently sold shares.

Aigen Investment Management LP acquired a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,276 shares of the company's stock, valued at approximately $1,152,000.

Several other institutional investors have also added to or reduced their stakes in PAG. Goldman Sachs Group Inc. increased its holdings in shares of Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock worth $54,751,000 after buying an additional 84,045 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Penske Automotive Group by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company's stock worth $9,918,000 after purchasing an additional 3,100 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Penske Automotive Group in the first quarter worth $42,000. EverSource Wealth Advisors LLC grew its stake in shares of Penske Automotive Group by 506.9% in the second quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company's stock worth $151,000 after purchasing an additional 735 shares during the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Penske Automotive Group by 47.0% in the second quarter. Brown Advisory Inc. now owns 3,108 shares of the company's stock worth $534,000 after purchasing an additional 994 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Price Performance

PAG stock opened at $181.30 on Friday. The stock has a market capitalization of $11.92 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87. The company's 50-day moving average is $164.59 and its 200-day moving average is $161.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22. Penske Automotive Group, Inc. has a 1 year low of $140.12 and a 1 year high of $189.51.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.91 by $0.14. The company had revenue of $7.86 billion for the quarter, compared to analysts' expectations of $7.71 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The business's revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.66 EPS. Equities research analysts expect that Penske Automotive Group, Inc. will post 13.46 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th were issued a $1.42 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.40. Penske Automotive Group's dividend payout ratio (DPR) is currently 42.39%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PAG shares. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Citigroup boosted their price objective on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Morgan Stanley reissued an "overweight" rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. Stephens boosted their price objective on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Finally, UBS Group started coverage on shares of Penske Automotive Group in a research note on Wednesday, May 27th. They issued a "neutral" rating and a $167.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $182.63.

Insider Transactions at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,488 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $257,700.00. Following the completion of the sale, the chief financial officer owned 17,596 shares in the company, valued at $3,022,992.80. This represents a 7.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 52.90% of the company's stock.

Penske Automotive Group 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.

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