Millennium Management LLC Purchases 39,113 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

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

Several other institutional investors have also bought and sold shares of PAG. Whittier Trust Co. of Nevada Inc. acquired a new stake in Penske Automotive Group in the 4th quarter valued at $40,000. Headlands Technologies LLC acquired a new stake in Penske Automotive Group in the 4th quarter valued at $76,000. TD Waterhouse Canada Inc. boosted its stake in Penske Automotive Group by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock valued at $81,000 after buying an additional 158 shares in the last quarter. KBC Group NV boosted its stake in Penske Automotive Group by 33.5% in the 4th quarter. KBC Group NV now owns 749 shares of the company's stock valued at $114,000 after buying an additional 188 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Penske Automotive Group by 57.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,108 shares of the company's stock valued at $169,000 after buying an additional 404 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PAG. JPMorgan Chase & Co. decreased their price target on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, March 27th. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a research note on Monday, May 5th. StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Finally, Citigroup boosted their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Insider Transactions at Penske Automotive Group

In other news, Director John Barr sold 1,529 shares of the business's stock in a transaction on Thursday, March 13th. The stock was 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 Securities & Exchange Commission, which is accessible through this hyperlink. 51.70% of the stock is currently owned by corporate insiders.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $162.27 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The firm has a market cap of $10.74 billion, a P/E ratio of 11.80 and a beta of 0.90. The business's fifty day moving average is $153.29 and its two-hundred day moving average is $158.93. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12.

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, topping analysts' consensus estimates of $3.27 by $0.12. The company had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business's revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.21 earnings per share. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be given a dividend of $1.26 per share. The ex-dividend date is Tuesday, May 27th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.11%. 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%.

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

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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