Cerity Partners LLC Has $2.17 Million Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Cerity Partners LLC boosted its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 176.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,333 shares of the company's stock after acquiring an additional 8,504 shares during the period. Cerity Partners LLC's holdings in Penske Automotive Group were worth $2,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Burgundy Asset Management Ltd. raised its holdings in Penske Automotive Group by 1.8% in the second quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company's stock worth $115,874,000 after purchasing an additional 13,968 shares during the period. AQR Capital Management LLC increased its position in shares of Penske Automotive Group by 31.1% during the second quarter. AQR Capital Management LLC now owns 417,932 shares of the company's stock worth $62,280,000 after acquiring an additional 99,164 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Penske Automotive Group by 9.1% during the second quarter. Millennium Management LLC now owns 126,278 shares of the company's stock worth $18,818,000 after acquiring an additional 10,522 shares during the period. Citigroup Inc. lifted its position in Penske Automotive Group by 4.1% in the 3rd quarter. Citigroup Inc. now owns 63,548 shares of the company's stock valued at $10,321,000 after acquiring an additional 2,475 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Penske Automotive Group by 12,674.5% in the 3rd quarter. International Assets Investment Management LLC now owns 59,146 shares of the company's stock valued at $9,606,000 after acquiring an additional 58,683 shares in the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Stock Up 0.5 %

Shares of NYSE:PAG traded up $0.90 during midday trading on Monday, reaching $167.44. The company had a trading volume of 161,055 shares, compared to its average volume of 183,974. The stock has a market cap of $11.18 billion, a PE ratio of 12.83 and a beta of 1.17. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $179.72. The business's 50 day moving average price is $158.43 and its 200 day moving average price is $156.97. 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 (NYSE:PAG - Get Free Report) last released its quarterly earnings data 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). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The firm had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same quarter in the prior year, the firm earned $3.90 earnings per share. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts forecast that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's dividend payout ratio is 36.48%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PAG. JPMorgan Chase & Co. lifted their price target on Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a research note on Tuesday, September 10th. Stephens initiated coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 target price on the stock. Finally, Morgan Stanley upgraded shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and lifted their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th.

Penske Automotive Group Company 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.