Tidal Investments LLC Invests $954,000 in Penske Automotive Group, Inc. $PAG

Key Points

• Tidal Investments acquired 5,333 shares of Penske Automotive Group worth approximately $954,000 during the second quarter. Institutional investors collectively own 77.08% of PAG, with major new positions also established by BlackRock, Bank of America, and Bank of New York Mellon.
• Penske Automotive reported quarterly earnings of $3.62 per share, exceeding analyst expectations of $3.42, while revenue rose 11.1% year over year to $8.51 billion.
• The company increased its quarterly dividend to $1.44 per share, implying an annualized yield of about 2.7%. Analysts maintain a “Moderate Buy” consensus with an average price target of $211.14.

Tidal Investments LLC acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,333 shares of the company's stock, valued at approximately $954,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Penske Automotive Group in the 2nd quarter worth $417,516,000. Dimensional Fund Advisors LP raised its position in shares of Penske Automotive Group by 11.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,447,910 shares of the company's stock valued at $216,489,000 after buying an additional 154,443 shares in the last quarter. Diamant Asset Management Inc. lifted its holdings in shares of Penske Automotive Group by 14,852.0% during the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company's stock worth $132,237,000 after acquiring an additional 878,496 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Penske Automotive Group during the 2nd quarter worth $79,065,000. Finally, Bank of New York Mellon Corp purchased a new position in Penske Automotive Group in the second quarter worth $67,822,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Down 1.1%

Shares of NYSE:PAG opened at $212.32 on Friday. The stock's 50-day moving average price is $214.66 and its 200-day moving average price is $181.95. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The stock has a market capitalization of $13.94 billion, a P/E ratio of 15.63 and a beta of 0.84. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating analysts' consensus estimates of $3.42 by $0.20. The company had revenue of $8.51 billion during the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.Penske Automotive Group's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.78 EPS. On average, equities analysts anticipate that Penske Automotive Group, Inc. will post 13.66 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $1.44 dividend. The ex-dividend date was Friday, August 14th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a yield of 2.7%. Penske Automotive Group's dividend payout ratio is presently 42.42%.

Analysts Set New Price Targets

Several brokerages have issued reports on PAG. Citigroup lowered Penske Automotive Group from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Bank of America increased their price objective on Penske Automotive Group from $200.00 to $238.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. UBS Group set a $190.00 price objective on Penske Automotive Group in a report on Friday, July 10th. Weiss Ratings upgraded Penske Automotive Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, September 11th. Finally, Stephens upped their target price on Penske Automotive Group from $166.00 to $210.00 and gave the stock an "equal weight" rating in a research note on Monday, August 3rd. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $211.14.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc NYSE: PAG is a diversified international transportation services company that operates automotive and commercial vehicle dealerships, as well as businesses serving the truck leasing and transportation industries. Its automotive retail operations sell new and used vehicles from a broad range of manufacturers and provide related services, including vehicle financing and insurance products, parts, maintenance and repair.

The company operates automotive dealerships in the United States, the United Kingdom, Australia, Germany and Italy.

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