Millennium Management LLC Has $19.56 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Millennium Management LLC increased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 43.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,283 shares of the company's stock after purchasing an additional 39,113 shares during the quarter. Millennium Management LLC owned approximately 0.19% of Penske Automotive Group worth $19,555,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in Penske Automotive Group during the 4th quarter worth approximately $40,000. Headlands Technologies LLC bought a new stake in Penske Automotive Group during the 4th quarter worth approximately $76,000. TD Waterhouse Canada Inc. grew its holdings in Penske Automotive Group by 42.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock worth $81,000 after acquiring an additional 158 shares during the last quarter. KBC Group NV grew its holdings in Penske Automotive Group by 33.5% during the 4th quarter. KBC Group NV now owns 749 shares of the company's stock worth $114,000 after acquiring an additional 188 shares during the last quarter. Finally, Sterling Capital Management LLC grew its holdings in Penske Automotive Group by 57.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,108 shares of the company's stock worth $169,000 after acquiring an additional 404 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Trading Up 1.1%

Shares of NYSE:PAG traded up $1.83 during trading on Tuesday, reaching $164.00. The stock had a trading volume of 197,876 shares, compared to its average volume of 196,510. The firm's fifty day moving average is $154.33 and its 200 day moving average is $159.09. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of 11.93 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.68 billion. During the same period in the prior year, the firm posted $3.21 EPS. The company's quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group declared that its board has authorized a stock buyback program on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be given a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Tuesday, May 27th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's payout ratio is presently 35.49%.

Insider Activity at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the business's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 52.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PAG has been the topic of a number of research reports. Citigroup boosted their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. JPMorgan Chase & Co. reduced their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Wall Street Zen raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Finally, Stephens reaffirmed an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

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.