Millennium Management LLC Boosts Stock Holdings in Penske Automotive Group, Inc. $PAG

Key Points

• Millennium Management LLC increased its shareholding in Penske Automotive Group by 30.9%, now owning approximately 0.25% of the company valued at $24.17 million.
• Penske Automotive Group recently announced an increased quarterly dividend of $1.32 per share, reflecting a 2.8% dividend yield and raising its annualized dividend from $1.26.
• Analysts have upgraded their ratings and price targets for Penske Automotive Group, with JPMorgan Chase raising its target from $155.00 to $175.00 and Citigroup raising its estimate from $185.00 to $195.00.

Millennium Management LLC increased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 30.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 167,905 shares of the company's stock after buying an additional 39,622 shares during the quarter. Millennium Management LLC owned about 0.25% of Penske Automotive Group worth $24,175,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PAG. Nuveen LLC purchased a new position in shares of Penske Automotive Group during the 1st quarter worth $10,004,000. Moran Wealth Management LLC raised its stake in Penske Automotive Group by 65.4% during the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after purchasing an additional 60,734 shares during the period. GAMMA Investing LLC raised its stake in Penske Automotive Group by 21,771.8% during the first quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock worth $8,251,000 after purchasing an additional 57,042 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Penske Automotive Group by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock valued at $124,331,000 after buying an additional 56,669 shares during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of Penske Automotive Group by 287.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 74,062 shares of the company's stock valued at $10,663,000 after buying an additional 54,970 shares during the period. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

PAG has been the topic of several analyst reports. Bank of America lifted their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. upgraded Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $155.00 to $175.00 in a research report on Tuesday, August 5th. Stephens restated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. Finally, Morgan Stanley boosted their price objective 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. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.00.

Insider Transactions at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total transaction of $200,805.00. Following the sale, the chief financial officer owned 18,922 shares in the company, valued at approximately $3,454,211.10. This trade represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $180.74, for a total value of $289,906.96. Following the transaction, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. The disclosure for this sale can be found here. 52.40% of the stock is currently owned by corporate insiders.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock traded up $1.34 during trading on Wednesday, reaching $179.43. The company's stock had a trading volume of 26,834 shares, compared to its average volume of 234,974. The company has a market capitalization of $11.85 billion, a P/E ratio of 12.49 and a beta of 0.89. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51. The business has a 50 day moving average price of $178.94 and a 200-day moving average price of $166.71. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping the consensus estimate of $3.56 by $0.22. The company had revenue of $7.66 billion for the quarter, compared to analyst estimates 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 revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.61 EPS. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced 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 positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date was Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a yield of 2.9%. Penske Automotive Group's payout ratio is currently 36.74%.

Penske Automotive Group 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.