Jupiter Topco LLC Takes $1.52 Million Position in Penske Automotive Group, Inc. $PAG

Key Points

• Jupiter Topco LLC acquired 8,472 shares of Penske Automotive Group in the second quarter, worth approximately $1.52 million. Institutional investors collectively own 77.08% of the company.
• Penske reported stronger-than-expected quarterly results, with EPS of $3.62 versus the $3.42 consensus and revenue of $8.51 billion, up 11.1% year over year.
• The company increased its quarterly dividend to $1.44, equating to an annualized $5.76 payout and a 2.6% yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $208.50.

Jupiter Topco LLC bought a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,472 shares of the company's stock, valued at approximately $1,518,000.

Several other large investors also recently bought and sold shares of PAG. BlackRock Inc. bought a new position in Penske Automotive Group during the second quarter valued at $417,516,000. Diamant Asset Management Inc. raised its position in shares of Penske Automotive Group by 14,852.0% during the 1st 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 in the last quarter. Bank of Montreal Can lifted its holdings in shares of 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 acquiring an additional 861,157 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Penske Automotive Group in the second quarter worth about $67,822,000. Finally, Norges Bank purchased a new position in Penske Automotive Group in the fourth quarter worth about $32,137,000. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Price Performance

NYSE PAG opened at $219.41 on Friday. 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 firm's 50 day moving average price is $208.07 and its 200-day moving average price is $178.30. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $227.00. The company has a market cap of $14.41 billion, a PE ratio of 16.16 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 EPS for the quarter, topping analysts' consensus estimates of $3.42 by $0.20. The company 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%. Penske Automotive Group's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.78 earnings per share. Sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.66 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. Stockholders of record on Friday, August 14th were given a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was 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 42.42%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Penske Automotive Group from $170.00 to $215.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Citigroup lowered shares of Penske Automotive Group from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. Weiss Ratings raised shares of Penske Automotive Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 10th. Bank of America raised their target price on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. Finally, Stephens lifted 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 research note on Monday, August 3rd. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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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