Rhumbline Advisers Has $10.22 Million Stock Holdings in Penske Automotive Group, Inc. $PAG

Rhumbline Advisers lifted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 15.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 58,783 shares of the company’s stock after purchasing an additional 7,978 shares during the period. Rhumbline Advisers’ holdings in Penske Automotive Group were worth $10,223,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Krilogy Financial LLC acquired a new position in Penske Automotive Group during the 3rd quarter worth $411,000. MQS Management LLC acquired a new position in shares of Penske Automotive Group during the 3rd quarter worth about $336,000. Versor Investments LP lifted its position in shares of Penske Automotive Group by 44.2% during the 3rd quarter. Versor Investments LP now owns 5,315 shares of the company’s stock worth $924,000 after purchasing an additional 1,629 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its stake in Penske Automotive Group by 2.8% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 7,031 shares of the company’s stock valued at $1,223,000 after purchasing an additional 190 shares during the period. Finally, Meixler Investment Management Ltd. acquired a new stake in Penske Automotive Group in the 3rd quarter valued at approximately $1,154,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 2,100 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $160.17, for a total value of $336,357.00. Following the sale, the chief financial officer directly owned 16,822 shares in the company, valued at approximately $2,694,379.74. This represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 51.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PAG. Weiss Ratings reiterated a “buy (b)” rating on shares of Penske Automotive Group in a report on Friday, October 31st. Bank of America assumed coverage on shares of Penske Automotive Group in a research note on Tuesday, December 9th. They set a “buy” rating and a $195.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Barclays boosted their price objective on shares of Penske Automotive Group from $190.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a research note on Monday, December 8th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $184.43.

Penske Automotive Group Stock Up 0.9%

PAG opened at $167.23 on Friday. The company has a market capitalization of $11.01 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.71 and a beta of 0.92. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22. The firm’s fifty day moving average price is $164.29 and its two-hundred day moving average price is $168.92. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51.

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

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Wednesday, February 25th will be paid a dividend of $1.40 per share. This is a positive change 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 3.3%. The ex-dividend date is Wednesday, February 25th. Penske Automotive Group’s dividend payout ratio is 40.89%.

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.