Penske Automotive Group, Inc. $PAG Shares Sold by Tudor Investment Corp ET AL

Key Points

• Tudor Investment Corp cut its stake in Penske Automotive Group (PAG) by 38.4% in Q3, selling 20,308 shares and retaining 32,523 shares valued at about $5.66 million; institutional investors now own 77.08% of the company.
• Analysts maintain a consensus rating of Moderate Buy on PAG (six Buy, three Hold) with an average target price of $181.14, though several firms including Citigroup, JPMorgan and Barclays recently trimmed their price targets.
• Penske missed quarterly EPS forecasts ($2.91 vs. $3.19) while beating revenue estimates at $7.77 billion, and it raised its quarterly dividend to $1.40 (annualized $5.60), implying a 3.6% yield.

Tudor Investment Corp ET AL lessened its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 38.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,523 shares of the company's stock after selling 20,308 shares during the period. Tudor Investment Corp ET AL's holdings in Penske Automotive Group were worth $5,656,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Meixler Investment Management Ltd. acquired a new stake in Penske Automotive Group in the 3rd quarter valued at about $1,154,000. Convergence Investment Partners LLC acquired a new stake in Penske Automotive Group in the 3rd quarter valued at about $1,157,000. Alps Advisors Inc. acquired a new stake in Penske Automotive Group in the 3rd quarter valued at about $5,585,000. JPMorgan Chase & Co. raised its holdings in Penske Automotive Group by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company's stock valued at $19,439,000 after acquiring an additional 19,561 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Penske Automotive Group by 15.7% in the 3rd quarter. Rhumbline Advisers now owns 58,783 shares of the company's stock valued at $10,223,000 after acquiring an additional 7,978 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on PAG. Citigroup cut their price objective on shares of Penske Automotive Group from $200.00 to $193.00 and set a "buy" rating for the company in a report on Wednesday. Weiss Ratings downgraded shares of Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 16th. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $175.00 to $170.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Finally, Barclays cut their price objective on shares of Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating for the company in a report on Tuesday. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average target price of $181.14.

Penske Automotive Group Stock Up 3.6%

Shares of NYSE PAG opened at $153.48 on Thursday. The company has a 50 day simple moving average of $156.07 and a 200-day simple moving average of $161.65. The company has a market capitalization of $10.09 billion, a P/E ratio of 11.37, a P/E/G ratio of 1.57 and a beta of 0.87. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22. Penske Automotive Group, Inc. has a 1 year low of $138.24 and a 1 year high of $189.51.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing analysts' consensus estimates of $3.19 by ($0.28). The business had revenue of $7.77 billion for the quarter, compared to analysts' expectations of $7.62 billion. Penske Automotive Group had a return on equity of 15.77% and a net margin of 2.91%.The business's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.54 earnings per share. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th were issued a dividend of $1.40 per share. The ex-dividend date was Wednesday, February 25th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.38. Penske Automotive Group's dividend payout ratio (DPR) is currently 41.48%.

Penske Automotive Group Profile

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.

Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.