Penske Automotive Group, Inc. $PAG Holdings Lowered by AXQ Capital LP

Key Points

• AXQ Capital LP cut its Penske Automotive Group stake by 53.6% in the second quarter, selling 5,291 shares and retaining 4,587 shares valued at approximately $821,000. Institutional investors collectively own 77.08% of PAG.
• Penske reported quarterly earnings of $3.62 per share, beating estimates of $3.42, while revenue rose 11.1% year over year to $8.51 billion. Analysts expect full-year EPS of $13.66.
• The company increased its quarterly dividend to $1.44, or $5.76 annually, representing a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $208.50.

AXQ Capital LP reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 53.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,587 shares of the company's stock after selling 5,291 shares during the period. AXQ Capital LP's holdings in Penske Automotive Group were worth $821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Nykredit A S bought a new stake in Penske Automotive Group during the second quarter worth approximately $87,000. Greenleaf Trust acquired a new stake in shares of Penske Automotive Group in the second quarter valued at $253,000. Empowered Funds LLC bought a new position in Penske Automotive Group during the second quarter valued at about $225,000. United Capital Financial Advisors LLC bought a new position in Penske Automotive Group during the second quarter valued at about $321,000. Finally, Equitable Holdings Inc. acquired a new position in Penske Automotive Group during the second quarter worth about $313,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of PAG opened at $219.41 on Monday. The business's 50-day moving average is $208.07 and its 200-day moving average is $178.34. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. The company has a market capitalization of $14.41 billion, a price-to-earnings ratio of 16.16 and a beta of 0.84. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $227.00.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business had revenue of $8.51 billion during the quarter, compared to analysts' expectations of $7.98 billion. During the same period last year, the company posted $3.78 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts expect that Penske Automotive Group, Inc. will post 13.66 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 14th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.42. Penske Automotive Group's dividend payout ratio (DPR) is presently 42.42%.

Analyst Upgrades and Downgrades

PAG has been the subject of several research reports. Weiss Ratings upgraded shares of Penske Automotive Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $170.00 to $215.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Barclays increased their target price on shares of Penske Automotive Group from $220.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Stephens boosted their target price on Penske Automotive Group from $166.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. Finally, UBS Group set a $190.00 target price on Penske Automotive Group in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $208.50.

About Penske Automotive Group

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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