Maridea Wealth Management LLC Buys Shares of 2,986 Penske Automotive Group, Inc. $PAG

Key Points

• Maridea Wealth Management LLC has purchased 2,986 shares of Penske Automotive Group, Inc., valued at approximately $513,000, as disclosed in its recent 13F filing.
• The company has seen significant increases in stakes from other hedge funds, including a 28.4% increase from Goldman Sachs, bringing their total holdings to over $54 million.
• Penske Automotive recently raised its quarterly dividend from $1.26 to $1.32, reflecting a yield of 3.1% based on an annualized basis.

Maridea Wealth Management LLC bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 2,986 shares of the company's stock, valued at approximately $513,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock worth $54,751,000 after buying an additional 84,045 shares in the last quarter. Nuveen LLC purchased a new stake in Penske Automotive Group in the 1st quarter worth approximately $10,004,000. Moran Wealth Management LLC grew its stake in Penske Automotive Group by 65.4% in the 1st quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after acquiring an additional 60,734 shares during the period. GAMMA Investing LLC grew its stake in Penske Automotive Group by 21,771.8% in the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock worth $8,251,000 after acquiring an additional 57,042 shares during the period. Finally, Burgundy Asset Management Ltd. grew its stake in Penske Automotive Group by 7.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock worth $124,331,000 after acquiring an additional 56,669 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PAG shares. Morgan Stanley boosted their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Stephens reissued an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Benchmark upped their price target on Penske Automotive Group from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Wednesday, September 17th. Bank of America upped their price target on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Citigroup increased their target price on shares of Penske Automotive Group from $200.00 to $206.00 and gave the stock a "buy" rating in a research report on Thursday. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Penske Automotive Group has a consensus rating of "Moderate Buy" and a consensus price target of $184.33.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $170.94 on Friday. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The firm has a market cap of $11.29 billion, a PE ratio of 11.90 and a beta of 0.89. The business has a 50 day moving average price of $178.47 and a two-hundred day moving average price of $167.11.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share 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 net margin of 3.13% and a return on equity of 17.43%. The business's quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $3.61 earnings per share. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were issued a $1.32 dividend. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. This represents a $5.28 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, August 15th. Penske Automotive Group's dividend payout ratio is presently 36.74%.

Insiders Place Their Bets

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction on Tuesday, August 19th. The shares were 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 owned 18,922 shares of the company's stock, valued at $3,454,211.10. The trade was a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction on Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the transaction, the director directly owned 1,529 shares of the company's stock, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. The disclosure for this sale can be found here. Insiders own 51.70% of the company's stock.

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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