Corient Private Wealth LP Takes Position in Penske Automotive Group, Inc. $PAG

Key Points

• Corient Private Wealth initiated a position in Penske Automotive Group during the second quarter, purchasing 8,569 shares valued at approximately $1.53 million. Institutional investors and hedge funds collectively own 77.08% of PAG.
• 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 increased its quarterly dividend to $1.44 per share, or $5.76 annually, representing a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $208.50.

Corient Private Wealth LP bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 8,569 shares of the company's stock, valued at approximately $1,533,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in Penske Automotive Group in the second quarter valued at about $79,065,000. Man Group plc acquired a new stake in shares of Penske Automotive Group in the second quarter valued at about $798,000. Jupiter Topco LLC acquired a new stake in shares of Penske Automotive Group in the second quarter valued at about $1,518,000. Hsbc Holdings PLC purchased a new stake in shares of Penske Automotive Group during the 2nd quarter valued at about $1,188,000. Finally, Ancora Advisors LLC purchased a new stake in shares of Penske Automotive Group during the 2nd quarter valued at about $89,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Trading Up 0.7%

Shares of PAG opened at $219.53 on Friday. The company has a market capitalization of $14.41 billion, a P/E ratio of 16.17 and a beta of 0.84. Penske Automotive Group, Inc. has a one year low of $140.12 and a one year high of $227.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.21 and a current ratio of 0.98. The stock has a 50-day moving average price of $207.32 and a 200 day moving average price of $178.01.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating 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 firm had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. During the same quarter last year, the firm earned $3.78 EPS. Penske Automotive Group's quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.42. The ex-dividend date was Friday, August 14th. Penske Automotive Group's payout ratio is presently 42.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PAG shares. JPMorgan Chase & Co. upped 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 reiterated an "overweight" rating and set a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. Barclays boosted their target price on shares of Penske Automotive Group from $220.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. 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. Finally, Stephens raised their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Penske Automotive Group currently has an average rating of "Moderate Buy" and a consensus target price of $208.50.

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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