Burgundy Asset Management Ltd. Has $115.87 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Burgundy Asset Management Ltd. boosted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 777,574 shares of the company's stock after purchasing an additional 13,968 shares during the period. Burgundy Asset Management Ltd. owned about 1.16% of Penske Automotive Group worth $115,874,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PAG. Fifth Third Bancorp grew its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company's stock worth $56,000 after purchasing an additional 91 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group during the second quarter worth approximately $69,000. WFA Asset Management Corp bought a new position in shares of Penske Automotive Group in the first quarter valued at approximately $84,000. Blue Trust Inc. boosted its holdings in shares of Penske Automotive Group by 17.5% in the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company's stock worth $123,000 after acquiring an additional 113 shares in the last quarter. Finally, TFO Wealth Partners LLC grew its position in Penske Automotive Group by 35,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,408 shares of the company's stock worth $226,000 after acquiring an additional 1,404 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Trading Up 2.7 %

Shares of NYSE PAG traded up $4.28 during mid-day trading on Thursday, hitting $161.88. The company's stock had a trading volume of 142,696 shares, compared to its average volume of 191,480. Penske Automotive Group, Inc. has a one year low of $137.95 and a one year high of $179.72. The company's fifty day simple moving average is $161.34 and its 200-day simple moving average is $155.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 11.26 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, topping analysts' consensus estimates of $3.39 by $0.22. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The business's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.41 EPS. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.79 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were paid a $1.07 dividend. This is a positive change from Penske Automotive Group's previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $4.28 annualized dividend and a yield of 2.64%. Penske Automotive Group's dividend payout ratio is presently 29.76%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PAG. Bank of America upped their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an "underweight" rating in a research report on Tuesday, September 10th. Finally, Stephens began 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 for the company. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $162.40.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of the company's stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 51.70% of the company's stock.

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.