Victory Capital Management Inc. grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 296.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,913 shares of the company's stock after purchasing an additional 11,150 shares during the quarter. Victory Capital Management Inc.'s holdings in Penske Automotive Group were worth $2,422,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of PAG. OFI Invest Asset Management bought a new stake in shares of Penske Automotive Group during the second quarter worth $1,516,000. Manning & Napier Advisors LLC acquired a new stake in Penske Automotive Group in the 2nd quarter valued at about $3,742,000. Aristeia Capital L.L.C. bought a new stake in Penske Automotive Group in the 2nd quarter valued at $626,000. Tidal Investments LLC acquired a new position in Penske Automotive Group in the 1st quarter valued at about $954,000. Finally, 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 during the period. Institutional investors own 77.08% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms recently commented on PAG. Morgan Stanley raised Penske Automotive Group from an "underweight" rating to an "overweight" rating and boosted their price target for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. lifted their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a report on Tuesday, September 10th. Finally, Stephens assumed coverage on Penske Automotive Group in a research report on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price objective for the company.
Read Our Latest Report on PAG
Penske Automotive Group Price Performance
Shares of NYSE:PAG traded up $7.87 on Monday, hitting $171.95. The company's stock had a trading volume of 86,659 shares, compared to its average volume of 183,939. The company has a 50-day simple moving average of $157.35 and a 200 day simple moving average of $156.60. The company has a market capitalization of $11.48 billion, a PE ratio of 13.07 and a beta of 1.17. 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, Inc. has a 1 year low of $142.32 and a 1 year high of $179.72.
Penske Automotive Group (NYSE:PAG - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.90 earnings per share. Sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.53 EPS for the current fiscal year.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 2.77%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. Penske Automotive Group's dividend payout ratio is 36.48%.
Penske Automotive Group Company Profile
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Free Report)
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.
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