Point72 Asset Management L.P. Acquires 10,000 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Asset Management L.P. lifted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 217.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,600 shares of the company's stock after buying an additional 10,000 shares during the period. Point72 Asset Management L.P.'s holdings in Penske Automotive Group were worth $2,226,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PAG. Wealthspire Advisors LLC lifted its stake in Penske Automotive Group by 2.4% in the fourth quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company's stock worth $417,000 after purchasing an additional 63 shares during the last quarter. Blue Chip Partners LLC boosted its holdings in shares of Penske Automotive Group by 0.7% during the fourth quarter. Blue Chip Partners LLC now owns 10,606 shares of the company's stock worth $1,617,000 after purchasing an additional 73 shares during the period. CIBC Asset Management Inc grew its stake in shares of Penske Automotive Group by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,055 shares of the company's stock worth $313,000 after purchasing an additional 109 shares during the last quarter. Xponance Inc. increased its stake in shares of Penske Automotive Group by 4.0% during the fourth quarter. Xponance Inc. now owns 2,995 shares of the company's stock valued at $457,000 after buying an additional 115 shares during the period. Finally, Bessemer Group Inc. increased its position in Penske Automotive Group by 0.3% during the 4th quarter. Bessemer Group Inc. now owns 35,579 shares of the company's stock valued at $5,424,000 after purchasing an additional 120 shares during the period. Institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director John Barr sold 1,529 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Down 0.3%

Shares of PAG traded down $0.46 during mid-day trading on Monday, reaching $162.20. The company had a trading volume of 198,411 shares, compared to its average volume of 196,505. 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 company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 11.80 and a beta of 0.90. The firm has a 50-day moving average price of $153.82 and a 200 day moving average price of $159.03. 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 released its earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, topping the consensus estimate of $3.27 by $0.12. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. During the same period in the previous year, the company posted $3.21 earnings per share. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th will be paid a dividend of $1.26 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Tuesday, May 27th. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.

Penske Automotive Group announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

About Penske Automotive Group

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.