Kendall Capital Management Invests $1.30 Million in Penske Automotive Group, Inc. $PAG

Kendall Capital Management bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 7,280 shares of the company’s stock, valued at approximately $1,303,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PAG. Jefferies Financial Group Inc. purchased a new position in shares of Penske Automotive Group during the fourth quarter valued at about $3,679,000. Renaissance Technologies LLC increased its holdings in shares of Penske Automotive Group by 15.6% in the first quarter. Renaissance Technologies LLC now owns 81,500 shares of the company’s stock worth $12,186,000 after purchasing an additional 11,000 shares during the last quarter. Independent Solutions Wealth Management LLC purchased a new stake in shares of Penske Automotive Group in the fourth quarter worth about $2,649,000. Norges Bank purchased a new stake in shares of Penske Automotive Group in the fourth quarter worth about $32,137,000. Finally, Bank of America Corp DE lifted its position in shares of Penske Automotive Group by 4.5% in the first quarter. Bank of America Corp DE now owns 463,784 shares of the company’s stock worth $69,345,000 after buying an additional 19,850 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Michelle Hulgrave sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the completion of the sale, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 52.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PAG shares. Citigroup cut Penske Automotive Group from a “buy” rating to a “neutral” rating and raised their price target for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price objective on Penske Automotive Group from $170.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Bank of America increased their target price on Penske Automotive Group from $200.00 to $238.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Barclays raised their target price on shares of Penske Automotive Group from $220.00 to $225.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, UBS Group set a $190.00 price target on shares of Penske Automotive Group in a research report on Friday, July 10th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group has a consensus rating of “Moderate Buy” and an average target price of $208.50.

Penske Automotive Group Stock Up 0.1%

Shares of NYSE PAG opened at $216.71 on Friday. The firm’s 50-day moving average price is $200.13 and its 200-day moving average price is $174.67. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 2.88 and a beta of 0.84. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, beating analysts’ consensus estimates of $3.42 by $0.20. The firm had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.78 EPS. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 2.7%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, August 14th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 42.42%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.