Man Group plc Takes $798,000 Position in Penske Automotive Group, Inc. $PAG

Man Group plc acquired a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,459 shares of the company’s stock, valued at approximately $798,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PAG. Navalign LLC purchased a new position in Penske Automotive Group in the 4th quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new position in Penske Automotive Group in the fourth quarter worth $30,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Penske Automotive Group in the second quarter valued at $35,000. Rothschild Investment LLC lifted its stake in Penske Automotive Group by 37.5% during the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after purchasing an additional 66 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Penske Automotive Group in the 1st quarter worth about $42,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on PAG shares. Weiss Ratings upgraded Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. Benchmark lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Stephens increased their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. UBS Group set a $190.00 price target on shares of Penske Automotive Group in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $208.50.

Penske Automotive Group Stock Up 0.7%

Shares of Penske Automotive Group stock opened at $219.53 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.21 and a current ratio of 0.98. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $227.00. The company’s 50 day moving average price is $207.32 and its 200-day moving average price is $178.01. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of 16.17 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG) last posted 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 company had revenue of $8.51 billion during the quarter, compared to analyst estimates 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 was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.78 EPS. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.61 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $1.44 dividend. The ex-dividend date of this dividend was Friday, August 14th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.6%. Penske Automotive Group’s payout ratio is 42.42%.

About Penske Automotive Group

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.