XTX Topco Ltd Takes Position in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• XTX Topco Ltd has acquired 7,652 shares of Penske Automotive Group, valued at approximately $1.1 million, marking a new position during the 1st quarter.
• Penske Automotive Group recently increased its quarterly dividend to $1.32 per share, up from $1.26, reflecting a 3.1% yield and indicating positive financial health.
• Wall Street analysts have given Penske Automotive Group a consensus rating of "Moderate Buy" with an average price target of $175.00, despite varying assessments from different brokerages.

XTX Topco Ltd bought a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,652 shares of the company's stock, valued at approximately $1,102,000.

Several other institutional investors have also added to or reduced their stakes in PAG. Vanguard Group Inc. raised its stake in shares of Penske Automotive Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 1,999,191 shares of the company's stock valued at $304,757,000 after acquiring an additional 12,912 shares during the last quarter. Burgundy Asset Management Ltd. raised its position in Penske Automotive Group by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 806,860 shares of the company's stock valued at $122,998,000 after purchasing an additional 13,106 shares during the last quarter. AQR Capital Management LLC raised its position in Penske Automotive Group by 3.5% during the 4th quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after purchasing an additional 20,506 shares during the last quarter. Northern Trust Corp lifted its holdings in Penske Automotive Group by 18.5% in the 4th quarter. Northern Trust Corp now owns 155,560 shares of the company's stock worth $23,714,000 after buying an additional 24,274 shares during the period. Finally, Moran Wealth Management LLC grew its position in shares of Penske Automotive Group by 65.4% in the 1st quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after buying an additional 60,734 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PAG. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Bank of America raised their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Citigroup boosted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a research report on Thursday, July 17th. 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 Wednesday, June 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average price target of $175.00.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $168.26 on Friday. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $186.33. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $11.13 billion, a P/E ratio of 11.71 and a beta of 0.87. The stock's 50 day moving average is $171.34 and its 200 day moving average is $163.11.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping the consensus estimate of $3.56 by $0.22. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%. The business had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same period in the previous year, the company posted $3.61 earnings per share. The company's revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be given a dividend of $1.32 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.28 annualized dividend and a yield of 3.1%. Penske Automotive Group's payout ratio is currently 35.49%.

Penske Automotive Group declared that its board has authorized a stock buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the sale, the executive vice president owned 36,152 shares in the company, valued at approximately $6,040,999.20. The trade was a 8.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,044 shares of company stock worth $13,257,948. 51.70% of the stock is owned by corporate insiders.

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.

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