Penske Automotive Group, Inc. $PAG Shares Bought by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC raised its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 56.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,166 shares of the company’s stock after buying an additional 17,836 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.07% of Penske Automotive Group worth $8,550,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in shares of Penske Automotive Group by 48.9% during the third quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company’s stock valued at $241,958,000 after acquiring an additional 456,611 shares in the last quarter. Norges Bank acquired a new stake in Penske Automotive Group in the 2nd quarter worth approximately $32,425,000. AQR Capital Management LLC boosted its stake in Penske Automotive Group by 21.1% in the 2nd quarter. AQR Capital Management LLC now owns 681,741 shares of the company’s stock worth $116,953,000 after purchasing an additional 118,976 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Penske Automotive Group by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after purchasing an additional 84,045 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Penske Automotive Group by 4,364.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 84,865 shares of the company’s stock worth $14,581,000 after purchasing an additional 82,964 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Barclays boosted their price objective on shares of Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, February 17th. Finally, Bank of America initiated coverage on Penske Automotive Group in a research note on Tuesday, December 9th. They issued a “buy” rating and a $195.00 target price for the company. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $184.43.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $147.22 on Friday. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $189.51. The company has a current ratio of 0.99, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. The company has a market cap of $9.68 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90. The company’s 50 day moving average is $161.94 and its 200 day moving average is $166.60.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 EPS for the quarter, missing the consensus estimate of $3.19 by ($0.28). The business had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.62 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The business’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.54 earnings per share. On average, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were given a dividend of $1.40 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.38. This represents a $5.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Wednesday, February 25th. Penske Automotive Group’s payout ratio is presently 41.48%.

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.