Readystate Asset Management LP Takes $722,000 Position in Penske Automotive Group, Inc. (NYSE:PAG)

Readystate Asset Management LP bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,443 shares of the company's stock, valued at approximately $722,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PAG. Point72 DIFC Ltd bought a new position in shares of Penske Automotive Group during the third quarter valued at $727,000. Point72 Asset Management L.P. bought a new stake in Penske Automotive Group in the 3rd quarter worth about $747,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Penske Automotive Group during the 3rd quarter valued at approximately $1,805,000. Janus Henderson Group PLC lifted its stake in Penske Automotive Group by 36.9% in the 3rd quarter. Janus Henderson Group PLC now owns 39,569 shares of the company's stock worth $6,426,000 after purchasing an additional 10,663 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Penske Automotive Group in the 3rd quarter worth $332,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Trading Up 0.1 %

PAG traded up $0.14 on Friday, hitting $163.88. The company had a trading volume of 87,921 shares, compared to its average volume of 182,504. The firm has a market cap of $10.94 billion, a P/E ratio of 12.56 and a beta of 1.18. Penske Automotive Group, Inc. has a 1 year low of $142.32 and a 1 year high of $179.72. The company's fifty day moving average price is $158.69 and its 200 day moving average price is $157.20. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). The firm had revenue of $7.59 billion during the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business's revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.90 earnings per share. As a group, equities analysts expect that Penske Automotive Group, Inc. will post 13.5 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, December 3rd. Stockholders of record on Friday, November 15th were given a dividend of $1.19 per share. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.90%. Penske Automotive Group's payout ratio is currently 36.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Stephens started coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an "underweight" rating in a report on Tuesday, September 10th. Finally, Morgan Stanley upgraded shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th.

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.