Point72 Asset Management L.P. Buys Shares of 4,600 Penske Automotive Group, Inc. (NYSE:PAG)

Point72 Asset Management L.P. purchased a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,600 shares of the company's stock, valued at approximately $747,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in shares of Penske Automotive Group by 31.1% in the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company's stock valued at $62,280,000 after purchasing an additional 99,164 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Penske Automotive Group by 12,674.5% in the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company's stock valued at $9,606,000 after buying an additional 58,683 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Penske Automotive Group by 720.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 23,796 shares of the company's stock valued at $3,546,000 after acquiring an additional 20,896 shares during the period. Texas Permanent School Fund Corp grew its position in shares of Penske Automotive Group by 88.8% during the second quarter. Texas Permanent School Fund Corp now owns 32,210 shares of the company's stock worth $4,800,000 after acquiring an additional 15,151 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in shares of Penske Automotive Group by 1.8% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company's stock valued at $115,874,000 after acquiring an additional 13,968 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on PAG. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a research note on Tuesday, September 10th. Benchmark initiated coverage on Penske Automotive Group in a research note on Thursday. They set a "buy" rating for the company. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price target for the company. Finally, Morgan Stanley raised shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and boosted their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $170.25.

Penske Automotive Group Stock Performance

NYSE PAG traded up $1.45 on Thursday, hitting $164.95. 151,490 shares of the company's stock were exchanged, compared to its average volume of 181,748. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of 12.64 and a beta of 1.18. The firm's 50-day moving average price is $159.06 and its two-hundred day moving average price is $157.51. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same period in the prior year, the company earned $3.90 EPS. The company's revenue was up 1.9% on a year-over-year basis. On average, research analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were issued a dividend of $1.19 per share. The ex-dividend date was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 2.89%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's payout ratio is currently 36.48%.

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.