Point72 Asset Management L.P. Increases Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Asset Management L.P. increased its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 217.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 14,600 shares of the company's stock after buying an additional 10,000 shares during the quarter. Point72 Asset Management L.P.'s holdings in Penske Automotive Group were worth $2,226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PAG. Merit Financial Group LLC purchased a new position in shares of Penske Automotive Group in the 4th quarter worth about $287,000. Nisa Investment Advisors LLC boosted its holdings in shares of Penske Automotive Group by 18.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 25,916 shares of the company's stock worth $3,951,000 after buying an additional 4,000 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Penske Automotive Group by 19.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 55,767 shares of the company's stock worth $8,501,000 after buying an additional 9,199 shares during the last quarter. Inspire Investing LLC boosted its holdings in shares of Penske Automotive Group by 7.8% in the 4th quarter. Inspire Investing LLC now owns 6,164 shares of the company's stock worth $940,000 after buying an additional 445 shares during the last quarter. Finally, Applied Capital LLC FL lifted its holdings in Penske Automotive Group by 2.0% during the fourth quarter. Applied Capital LLC FL now owns 21,600 shares of the company's stock valued at $3,293,000 after purchasing an additional 424 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Citigroup upped their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. JPMorgan Chase & Co. dropped their price objective 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 report on Wednesday, April 23rd. Finally, Stephens reissued an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

Insider Buying and Selling at Penske Automotive Group

In other news, Director John Barr sold 1,529 shares of the stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Price Performance

NYSE PAG traded down $0.46 on Friday, reaching $162.20. 198,411 shares of the company's stock traded hands, compared to its average volume of 196,505. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $180.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The stock has a 50-day simple moving average of $153.82 and a 200 day simple moving average of $159.04. The stock has a market cap of $10.73 billion, a PE ratio of 11.80 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $7.60 billion for the quarter, compared to analysts' expectations of $7.68 billion. During the same period last year, the business earned $3.21 earnings per share. The business's quarterly revenue was up 2.1% on a year-over-year basis. As a group, 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 will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th will be given a dividend of $1.26 per share. This is a boost 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 of this dividend is Tuesday, May 27th. Penske Automotive Group's dividend payout ratio (DPR) is presently 35.49%.

Penske Automotive Group announced that its board has authorized 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 reacquire up to 2.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Penske Automotive Group 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.