Diamant Asset Management Inc. Increases Stock Position in Penske Automotive Group, Inc. $PAG

Key Points

• Diamant Asset Management dramatically increased its stake in Penske Automotive Group, boosting its holdings by 14,852% in the first quarter to 884,411 shares worth about $132.2 million.
• Wall Street sentiment remains constructive, with six analysts rating the stock a Buy and four a Hold; the consensus view is a Moderate Buy with an average price target of $182.62.
• Penske Automotive Group reported better-than-expected quarterly earnings of $3.05 per share and raised its quarterly dividend to $1.42 per share, for an annualized yield of 3.1%.

Diamant Asset Management Inc. boosted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 14,852.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 884,411 shares of the company's stock after purchasing an additional 878,496 shares during the period. Diamant Asset Management Inc. owned approximately 1.35% of Penske Automotive Group worth $132,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its position in Penske Automotive Group by 39,232.7% in the 4th quarter. Bank of Montreal Can now owns 863,352 shares of the company's stock valued at $136,660,000 after buying an additional 861,157 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Penske Automotive Group by 48.9% during the third quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company's stock worth $241,958,000 after acquiring an additional 456,611 shares during the last quarter. Norges Bank purchased a new stake in shares of Penske Automotive Group during the fourth quarter worth about $32,137,000. Dimensional Fund Advisors LP lifted its stake in shares of Penske Automotive Group by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company's stock worth $204,761,000 after acquiring an additional 156,308 shares in the last quarter. Finally, Hamlin Capital Management LLC acquired a new position in shares of Penske Automotive Group in the fourth quarter worth about $20,203,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Stephens increased their price target on Penske Automotive Group from $155.00 to $160.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Citigroup upped their target price on Penske Automotive Group from $193.00 to $199.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $165.00 to $170.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of Penske Automotive Group in a research report on Thursday, June 11th. Finally, UBS Group began coverage on shares of Penske Automotive Group in a research note on Wednesday, May 27th. They issued a "neutral" rating and a $167.00 price target for the company. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $182.62.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business's stock in a transaction on 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 sale, the chief financial officer owned 17,596 shares in the company, valued at $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Smith sold 1,488 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The SEC filing for this sale provides additional information. Corporate insiders own 52.90% of the company's stock.

Penske Automotive Group Stock Down 0.9%

NYSE:PAG opened at $182.24 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The company has a market capitalization of $11.98 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 2.36 and a beta of 0.87. Penske Automotive Group, Inc. has a one year low of $140.12 and a one year high of $189.51. The stock has a 50-day simple moving average of $169.68 and a 200 day simple moving average of $162.98.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.14. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The firm had revenue of $7.86 billion for the quarter, compared to analysts' expectations of $7.71 billion. During the same quarter in the prior year, the firm posted $3.66 earnings per share. Penske Automotive Group's revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.46 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th were given a dividend of $1.42 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.68 annualized dividend and a dividend yield of 3.1%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.40. Penske Automotive Group's dividend payout ratio is currently 42.39%.

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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