Point72 DIFC Ltd Acquires New Position in Penske Automotive Group, Inc. (NYSE:PAG)

Point72 DIFC Ltd bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,478 shares of the company's stock, valued at approximately $727,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PAG. Burgundy Asset Management Ltd. increased its holdings in Penske Automotive Group by 1.8% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company's stock worth $115,874,000 after acquiring an additional 13,968 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Penske Automotive Group by 31.1% in the second 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 period. Millennium Management LLC increased its stake 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 purchasing an additional 10,522 shares in the last quarter. Citigroup Inc. raised its position in shares of Penske Automotive Group by 4.1% during the 3rd quarter. Citigroup Inc. now owns 63,548 shares of the company's stock worth $10,321,000 after purchasing an additional 2,475 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake 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 buying an additional 58,683 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PAG. Stephens assumed coverage on Penske Automotive Group in a research note on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on 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, Morgan Stanley upgraded Penske Automotive Group from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th.

Penske Automotive Group Trading Up 0.1 %

Shares of NYSE PAG traded up $0.14 during trading on Friday, hitting $163.88. 87,921 shares of the company were exchanged, compared to its average volume of 182,504. Penske Automotive Group, Inc. has a 12-month low of $142.32 and a 12-month high of $179.72. The firm has a market capitalization of $10.94 billion, a PE ratio of 12.56 and a beta of 1.18. The company has a fifty day moving average price of $158.69 and a 200-day moving average price of $157.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly 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 analysts' expectations 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 quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company earned $3.90 EPS. As a group, equities research analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group's dividend payout ratio (DPR) is presently 36.48%.

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.