Bruni J V & Co. Co. Takes Position in Penske Automotive Group, Inc. $PAG

Key Points

• Bruni J V & Co. Co. acquired 171,994 shares of Penske Automotive Group in the second quarter, worth approximately $30.8 million, making PAG 2.8% of its portfolio. Institutional investors collectively own 77.08% of the company.
• Penske reported quarterly earnings of $3.62 per share, exceeding estimates of $3.42, while revenue rose 11.1% year over year to $8.51 billion. The company forecasts full-year earnings of $13.61 per share.
• Penske raised its quarterly dividend to $1.44 per share, equivalent to an annualized $5.76 dividend and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $207.88.

Bruni J V & Co. Co. purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 171,994 shares of the company's stock, valued at approximately $30,778,326,000. Penske Automotive Group comprises 2.8% of Bruni J V & Co. Co.'s investment portfolio, making the stock its 15th largest holding. Bruni J V & Co. Co. owned 0.26% of Penske Automotive Group at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PAG. Goldman Sachs Group Inc. raised its stake in shares of Penske Automotive Group by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock valued at $54,751,000 after buying an additional 84,045 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Penske Automotive Group by 4.7% in the 1st 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 acquiring an additional 3,100 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group in the 1st quarter worth about $42,000. EverSource Wealth Advisors LLC raised its stake in Penske Automotive Group by 506.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company's stock valued at $151,000 after acquiring an additional 735 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Penske Automotive Group by 47.0% during the second quarter. Brown Advisory Inc. now owns 3,108 shares of the company's stock valued at $534,000 after purchasing an additional 994 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

NYSE PAG opened at $216.63 on Wednesday. The company's 50 day simple moving average is $197.93 and its two-hundred day simple moving average is $173.52. 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 stock has a market capitalization of $14.22 billion, a PE ratio of 15.95, a P/E/G ratio of 2.92 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.42 by $0.20. The firm had revenue of $8.51 billion for the quarter, compared to analysts' expectations of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.78 earnings per share. Analysts predict that Penske Automotive Group, Inc. will post 13.61 earnings per share 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. Stockholders of record on Friday, August 14th will be given a dividend of $1.44 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.42. The ex-dividend date is Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.7%. Penske Automotive Group's dividend payout ratio is 42.42%.

Insider Activity

In other news, CFO Michelle Hulgrave sold 1,500 shares of the business'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 transaction, the chief financial officer owned 17,596 shares of the company's stock, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 52.90% of the company's stock.

Wall Street Analyst Weigh In

PAG has been the subject of a number of research reports. Benchmark lowered shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Barclays boosted their price target 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. Citigroup downgraded shares of Penske Automotive Group from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $199.00 to $210.00 in a report on Thursday, July 23rd. UBS Group set a $190.00 target price on shares of Penske Automotive Group in a report on Friday, July 10th. Finally, Stephens increased their target price on 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. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $207.88.

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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