OFI Invest Asset Management Makes New Investment in Penske Automotive Group, Inc. (NYSE:PAG)

OFI Invest Asset Management purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 10,900 shares of the company's stock, valued at approximately $1,605,000.

Several other hedge funds also recently modified their holdings of PAG. Bank of New York Mellon Corp increased its stake in shares of Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after acquiring an additional 51,720 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Penske Automotive Group by 174.9% in the 4th quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock valued at $6,250,000 after acquiring an additional 26,085 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Penske Automotive Group in the 4th quarter valued at $3,765,000. Raymond James Financial Inc. bought a new stake in shares of Penske Automotive Group in the 4th quarter valued at $3,018,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Penske Automotive Group by 62.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company's stock valued at $4,743,000 after acquiring an additional 11,267 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Down 1.7 %

PAG stock traded down $2.69 during midday trading on Wednesday, reaching $157.39. 269,433 shares of the company's stock traded hands, compared to its average volume of 177,178. The company has a market cap of $10.51 billion, a price-to-earnings ratio of 11.45 and a beta of 1.24. The firm's fifty day moving average price is $163.21 and its 200-day moving average price is $160.68. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $180.12.

Remove Ads

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.37 by $0.17. The firm had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. As a group, sell-side analysts forecast 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 was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 3.10%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. Penske Automotive Group's payout ratio is currently 35.49%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PAG shares. StockNews.com upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $160.00 to $165.00 and gave the company an "underweight" rating in a research note on Wednesday, February 19th. Stephens restated an "equal weight" rating and set a $165.00 price target on shares of Penske Automotive Group in a research note on Tuesday, February 18th. Finally, Benchmark initiated coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $172.50.

Insiders Place Their Bets

In related news, EVP Claude H. Denker III sold 8,746 shares of the business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the transaction, the executive vice president now directly owns 28,917 shares of the company's stock, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 51.70% of the company's stock.

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.