Cwm LLC Boosts Stake in Penske Automotive Group, Inc. $PAG

Key Points

• Cwm LLC has increased its shareholding in Penske Automotive Group by 31.6%, bringing their total ownership to 13,778 shares valued at approximately $2.37 million.
• Penske Automotive Group has recently announced a quarterly dividend increase, raising it from $1.32 to $1.38 per share, reflecting a dividend yield of 3.3%.
• Several analysts have updated their target prices for Penske Automotive Group, with Citigroup raising its target from $200 to $206, indicating positive sentiment towards the company's future performance.

Cwm LLC increased its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 31.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 13,778 shares of the company's stock after purchasing an additional 3,309 shares during the period. Cwm LLC's holdings in Penske Automotive Group were worth $2,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PAG. Sound Income Strategies LLC purchased a new stake in shares of Penske Automotive Group in the 2nd quarter valued at about $34,000. Acadian Asset Management LLC purchased a new stake in shares of Penske Automotive Group in the 1st quarter valued at about $42,000. GAMMA Investing LLC lifted its holdings in shares of Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares during the last quarter. Brooklyn Investment Group lifted its holdings in shares of Penske Automotive Group by 353.0% in the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after purchasing an additional 353 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Penske Automotive Group by 18.6% in the 2nd quarter. UMB Bank n.a. now owns 402 shares of the company's stock valued at $69,000 after purchasing an additional 63 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the completion of the transaction, the chief financial officer directly owned 18,922 shares of the company's stock, valued at $3,454,211.10. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the transaction, the director directly owned 1,529 shares of the company's stock, valued at $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PAG. JPMorgan Chase & Co. boosted their target price on Penske Automotive Group from $175.00 to $180.00 and gave the company a "neutral" rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Penske Automotive Group in a research note on Wednesday, October 8th. Morgan Stanley upped their price objective on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Benchmark upped their price objective on Penske Automotive Group from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Finally, Citigroup upped their price objective on Penske Automotive Group from $200.00 to $206.00 and gave the company a "buy" rating in a research note on Thursday, September 25th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $185.17.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $169.69 on Friday. The company has a market cap of $11.21 billion, a price-to-earnings ratio of 11.81 and a beta of 0.88. The stock has a 50 day simple moving average of $178.48 and a 200-day simple moving average of $169.60. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.22. The business had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The company's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $3.61 EPS. On average, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th will be paid a dividend of $1.38 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.32. The ex-dividend date of this dividend is Friday, November 14th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 3.3%. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.74%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.

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