CX Institutional Grows Position in Penske Automotive Group, Inc. $PAG

Key Points

• CX Institutional increased its Penske Automotive Group stake by 260.3% in the second quarter, owning 7,436 shares valued at $1.33 million. Institutional investors collectively hold 77.08% of PAG’s stock.
• Penske reported quarterly EPS of $3.62, beating estimates by $0.20, while revenue rose 11.1% year over year to $8.51 billion and exceeded expectations.
• The company raised its quarterly dividend to $1.44, or $5.76 annually, providing a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.88, although some recently downgraded the stock to “Hold.”

CX Institutional raised its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 260.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 7,436 shares of the company's stock after purchasing an additional 5,372 shares during the period. CX Institutional's holdings in Penske Automotive Group were worth $1,331,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PAG. Parallel Advisors LLC raised its stake in Penske Automotive Group by 15.1% during the 1st quarter. Parallel Advisors LLC now owns 441 shares of the company's stock worth $66,000 after acquiring an additional 58 shares during the period. Bank of America Corp DE raised its position in shares of Penske Automotive Group by 4.5% during the 1st quarter. Bank of America Corp DE now owns 463,784 shares of the company's stock valued at $69,345,000 after purchasing an additional 19,850 shares during the period. California State Teachers Retirement System lifted its stake in shares of Penske Automotive Group by 30.0% during the 1st quarter. California State Teachers Retirement System now owns 24,384 shares of the company's stock valued at $3,646,000 after buying an additional 5,627 shares in the last quarter. Empowered Funds LLC boosted its holdings in Penske Automotive Group by 25.4% in the 1st quarter. Empowered Funds LLC now owns 2,115 shares of the company's stock worth $316,000 after buying an additional 429 shares during the period. Finally, SummitTX Capital L.P. increased its stake in Penske Automotive Group by 177.5% in the 1st quarter. SummitTX Capital L.P. now owns 11,164 shares of the company's stock worth $1,669,000 after buying an additional 7,141 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of PAG opened at $215.84 on Thursday. 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 company has a 50 day moving average price of $189.69 and a 200-day moving average price of $170.02. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $227.00. The stock has a market capitalization of $14.17 billion, a PE ratio of 15.89, a PEG ratio of 2.94 and a beta of 0.84.

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 (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.20. The company had revenue of $8.51 billion for the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. Penske Automotive Group's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $3.78 earnings per share. Equities analysts predict that Penske Automotive Group, Inc. will post 13.48 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business 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 $1.44 dividend. This represents a $5.76 annualized dividend and a dividend 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 presently 41.83%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citigroup downgraded Penske Automotive Group from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $199.00 to $210.00 in a research report on Thursday, July 23rd. Benchmark downgraded Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Morgan Stanley reiterated an "overweight" rating and issued a $190.00 price target on shares of Penske Automotive Group in a research report on Thursday, May 7th. UBS Group set a $190.00 target price on shares of Penske Automotive Group in a research note on Friday, July 10th. Finally, Weiss Ratings raised shares of Penske Automotive Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 10th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $207.88.

Insiders Place Their Bets

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the completion of the transaction, the chief financial officer directly owned 17,596 shares in the company, 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 SEC, which can be accessed through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 52.90% of the company's stock.

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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