Millennium Management LLC Grows 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 boosted its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 30.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 167,905 shares of the company's stock after acquiring an additional 39,622 shares during the period. Millennium Management LLC owned about 0.25% of Penske Automotive Group worth $24,175,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its stake in Penske Automotive Group by 9.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock worth $485,000 after acquiring an additional 295 shares during the period. Two Sigma Investments LP boosted its holdings in shares of Penske Automotive Group by 21.0% in the 4th quarter. Two Sigma Investments LP now owns 10,253 shares of the company's stock valued at $1,563,000 after purchasing an additional 1,777 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Penske Automotive Group by 15.8% in the 1st quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company's stock valued at $1,729,000 after purchasing an additional 1,639 shares during the last quarter. KBC Group NV boosted its holdings in shares of Penske Automotive Group by 33.4% in the 1st quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after purchasing an additional 250 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Penske Automotive Group in the 1st quarter valued at $648,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Penske Automotive Group

In related 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 transaction of $200,805.00. Following the transaction, the chief financial officer owned 18,922 shares in the company, valued at approximately $3,454,211.10. The trade was a 5.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the transaction, the director owned 1,529 shares in the company, valued at $276,351.46. The trade was 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 Stock Performance

NYSE:PAG opened at $185.46 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 12.91 and a beta of 0.89. The firm's fifty day simple moving average is $179.07 and its 200 day simple moving average is $166.48. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $189.51.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.22. The business 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 quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.61 EPS. As a group, equities research 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 announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Friday, August 15th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio (DPR) is presently 36.74%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $155.00 to $175.00 in a report on Tuesday, August 5th. Citigroup lifted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. Morgan Stanley lifted their price target 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. 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 report on Monday, June 16th. Finally, Stephens reiterated an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Penske Automotive Group currently has an average rating of "Moderate Buy" and an average price target of $181.00.

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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