Elevation Point Wealth Partners LLC Invests $2.32 Million in Penske Automotive Group, Inc. $PAG

Elevation Point Wealth Partners LLC purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,940 shares of the company’s stock, valued at approximately $2,316,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new stake in Penske Automotive Group during the 4th quarter valued at about $3,679,000. Renaissance Technologies LLC lifted its stake 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 buying an additional 11,000 shares in the last quarter. Independent Solutions Wealth Management LLC bought a new position in shares of Penske Automotive Group in the fourth quarter worth approximately $2,649,000. Norges Bank purchased a new stake in shares of Penske Automotive Group during the fourth quarter valued at approximately $32,137,000. Finally, Bank of America Corp DE increased its position in shares of Penske Automotive Group by 4.5% during the first quarter. Bank of America Corp DE now owns 463,784 shares of the company’s stock valued at $69,345,000 after acquiring an additional 19,850 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Trading Down 0.1%

Shares of PAG stock opened at $216.71 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The stock has a market capitalization of $14.23 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.88 and a beta of 0.84. The firm’s 50 day moving average is $200.13 and its 200 day moving average is $174.79.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.42 by $0.20. The business 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 company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.78 EPS. Research analysts expect that Penske Automotive Group, Inc. will post 13.61 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $1.44 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, August 14th. Penske Automotive Group’s dividend payout ratio is currently 42.42%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PAG shares. UBS Group set a $190.00 price objective on shares of Penske Automotive Group in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on Penske Automotive Group from $170.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Citigroup cut Penske Automotive Group from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Benchmark downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Bank of America increased their price objective 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. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and an average target price of $208.50.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer directly owned 17,596 shares in the company, valued at $3,022,992.80. The trade was a 7.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 52.90% of the company’s stock.

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.