SG Americas Securities LLC acquires 13,411 shares of Penske Automotive Group, Inc. (NYSE: PAG)
SG Americas Securities LLC increased its stake in Penske Automotive Group, Inc. (New York Stock Exchange: PAG – Get a rating) by 105.0% in the first quarter, according to its latest filing with the Securities & Exchange Commission. The fund held 26,180 shares of the company after buying an additional 13,411 shares during the quarter. SG Americas Securities LLC’s holdings in Penske Automotive Group were worth $2,454,000 at the end of last quarter.
A number of other institutional investors also changed their position in the company. Allspring Global Investments Holdings LLC acquired a new stake in Penske Automotive Group in the fourth quarter worth approximately $7,733,000. Empowered Funds LLC acquired a new stake in Penske Automotive Group in the fourth quarter worth approximately $7,014,000. Walleye Capital LLC increased its position in Penske Automotive Group by 1,223.4% in the fourth quarter. Walleye Capital LLC now owns 64,462 shares of the company worth $6,912,000 after purchasing an additional 59,591 shares during the period. Sheaff Brock Investment Advisors LLC increased its position in Penske Automotive Group by 364.2% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 72,699 shares of the company worth $7,795,000 after purchasing an additional 57,038 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Penske Automotive Group shares by 92.3% during the 4th quarter. JPMorgan Chase & Co. now owns 117,429 shares of the company worth $12,591,000 after purchasing an additional 56,361 shares during the period. 50.13% of the shares are held by institutional investors.
Analyst upgrades and downgrades
Several research companies have recently published reports on PAG. Morgan Stanley lowered its price target on Penske Automotive Group from $95.00 to $93.00 and set an “underweight” rating for the company in a Thursday, July 14 research report. JPMorgan Chase & Co. cut its price target on Penske Automotive Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a Thursday, April 7 report. To finish, StockNews.com upgraded Penske Automotive Group from a “buy” rating to a “strong buy” rating in a Thursday, April 7, report. One financial analyst has assigned the stock a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has assigned the company a strong buy rating. Based on data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Moderate Buy” and a consensus price target of $110.25.
Penske Automotive Group grew 1.0%
NYSE PAG opened at $110.06 on Friday. The stock has a market capitalization of $8.35 billion, a price-earnings ratio of 6.32 and a beta of 1.24. The stock’s 50-day moving average price is $110.86 and its two-hundred-day moving average price is $104.59. The company has a debt ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.97. Penske Automotive Group, Inc. has a 52-week low of $78.60 and a 52-week high of $123.60.
Penske Automotive Group (New York Stock Exchange: PAG – Get a rating) last reported results on Wednesday, April 27. The company reported EPS of $4.76 for the quarter, beating the consensus estimate of $3.94 by $0.82. The company posted revenue of $6.98 billion for the quarter, versus $6.32 billion expected by analysts. Penske Automotive Group achieved a return on equity of 35.33% and a net margin of 5.13%. The company’s quarterly revenue increased by 20.8% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $2.26. As a group, analysts expect Penske Automotive Group, Inc. to post earnings per share of 17.33 for the current fiscal year.
Penske Automotive Group increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1. Shareholders of record on Wednesday August 10 will receive a dividend of $0.53 per share. The ex-dividend date is Tuesday, August 9. This represents a dividend of $2.12 on an annualized basis and a dividend yield of 1.93%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.50. Penske Automotive Group’s dividend payout ratio is currently 11.48%.
Penske Automotive Group Profile
Penske Automotive Group, Inc., a diversified transportation services company, operates automobile and commercial truck dealerships. The Company operates through four segments: Automotive Retail, Commercial Truck Retail, Other and Non-Automotive Investments. It operates dealerships under franchise agreements with various automobile manufacturers and distributors.
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