Flputnam Investment Management Co. Takes $1.96 Million Position in Penske Automotive Group, Inc. $PAG

Key Points

• Flputnam Investment Management purchased 10,935 shares of Penske Automotive Group worth approximately $1.96 million. Institutional investors collectively own 77.08% of the company.
• Penske reported quarterly earnings of $3.62 per share, beating estimates of $3.42, while revenue reached $8.51 billion and increased 11.1% year over year.
• The company raised its quarterly dividend to $1.44 per share, representing an annualized payout of $5.76 and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.88.

Flputnam Investment Management Co. purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,935 shares of the company's stock, valued at approximately $1,957,000.

Several other large investors also recently modified their holdings of the company. Diamant Asset Management Inc. grew its position in Penske Automotive Group by 14,852.0% during the first quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company's stock valued at $132,237,000 after buying an additional 878,496 shares during the period. Bank of Montreal Can raised its position in Penske Automotive Group by 39,232.7% in the fourth quarter. Bank of Montreal Can now owns 863,352 shares of the company's stock worth $136,660,000 after acquiring an additional 861,157 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Penske Automotive Group during the 2nd quarter worth $67,822,000. Norges Bank purchased a new position in shares of Penske Automotive Group during the 4th quarter worth $32,137,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Penske Automotive Group by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company's stock valued at $204,761,000 after acquiring an additional 156,308 shares during the period. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $218.27 on Tuesday. The firm has a market cap of $14.33 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 2.92 and a beta of 0.84. The firm has a fifty day moving average price of $197.19 and a 200 day moving average price of $173.11. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week 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.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.42 by $0.20. The business had revenue of $8.51 billion during the quarter, compared to the consensus estimate 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 revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.78 EPS. As a group, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.61 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Stephens boosted their price target on Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. JPMorgan Chase & Co. lifted their price objective on Penske Automotive Group from $170.00 to $215.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. UBS Group set a $190.00 price objective on Penske Automotive Group in a research note on Friday, July 10th. Benchmark lowered shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Finally, 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. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Penske Automotive Group currently has an average rating of "Moderate Buy" and a consensus target price of $207.88.

Insider Buying and Selling

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 52.90% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source