Allworth Financial LP Invests $8.65 Million in Penske Automotive Group, Inc. $PAG

Key Points

• Allworth Financial LP acquired 48,347 shares of Penske Automotive Group worth approximately $8.65 million, while institutional investors collectively own 77.08% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $208.50; recent targets from Stephens and JPMorgan rose to $210 and $215, respectively.
• Penske reported quarterly EPS of $3.62 versus the $3.42 estimate and revenue of $8.51 billion, up 11.1% year over year. The company also increased its quarterly dividend to $1.44, implying a 2.7% annual yield.

Allworth Financial LP bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 48,347 shares of the company's stock, valued at approximately $8,652,000. Allworth Financial LP owned about 0.07% of Penske Automotive Group as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in shares of Penske Automotive Group by 15.1% in the 1st quarter. Parallel Advisors LLC now owns 441 shares of the company's stock worth $66,000 after buying an additional 58 shares during the last quarter. Bessemer Group Inc. raised its stake in Penske Automotive Group by 8.5% during the first quarter. Bessemer Group Inc. now owns 830 shares of the company's stock worth $124,000 after acquiring an additional 65 shares during the period. California State Teachers Retirement System lifted its holdings in Penske Automotive Group by 0.4% in the second quarter. California State Teachers Retirement System now owns 18,434 shares of the company's stock worth $3,167,000 after acquiring an additional 65 shares during the last quarter. Rothschild Investment LLC lifted 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 during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its stake in Penske Automotive Group by 2.7% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company's stock valued at $416,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on PAG. Stephens upped their target price on Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $170.00 to $215.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Morgan Stanley restated an "overweight" rating and set a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. Benchmark downgraded Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, UBS Group set a $190.00 target price on Penske Automotive Group in a research report on Friday, July 10th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $208.50.

Insider Buying and Selling at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 1,500 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the transaction, the chief financial officer owned 17,596 shares in the company, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 52.90% of the company's stock.

Penske Automotive Group Stock Performance

PAG opened at $216.50 on Friday. The company has a market capitalization of $14.22 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 2.90 and a beta of 0.84. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $227.00. The business has a 50 day moving average price of $199.42 and a two-hundred day moving average price of $174.37.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.42 by $0.20. The firm had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $3.78 EPS. Research analysts predict that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared 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. This represents a $5.76 dividend on an annualized basis and a yield of 2.7%. 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. Penske Automotive Group's dividend payout ratio is currently 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.

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