Hamlin Capital Management LLC Invests $20.20 Million in Penske Automotive Group, Inc. $PAG

Hamlin Capital Management LLC bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 4th quarter, Holdings Channel.com reports. The firm bought 127,633 shares of the company’s stock, valued at approximately $20,203,000. Penske Automotive Group accounts for approximately 0.5% of Hamlin Capital Management LLC’s portfolio, making the stock its 27th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Penske Automotive Group by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company’s stock worth $19,439,000 after purchasing an additional 19,561 shares in the last quarter. Allworth Financial LP grew its holdings in Penske Automotive Group by 0.6% during the 3rd quarter. Allworth Financial LP now owns 49,522 shares of the company’s stock valued at $8,612,000 after buying an additional 275 shares in the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Penske Automotive Group during the third quarter valued at approximately $510,000. Blue Chip Partners LLC lifted its holdings in shares of Penske Automotive Group by 5.6% in the third quarter. Blue Chip Partners LLC now owns 12,472 shares of the company’s stock worth $2,169,000 after buying an additional 662 shares in the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of Penske Automotive Group by 62.8% in the third quarter. Verition Fund Management LLC now owns 12,475 shares of the company’s stock worth $2,170,000 after buying an additional 4,813 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PAG. Weiss Ratings downgraded shares of Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. Bank of America initiated coverage on shares of Penske Automotive Group in a report on Tuesday, December 9th. They set a “buy” rating and a $195.00 price objective for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. JPMorgan Chase & Co. decreased their target price on Penske Automotive Group from $175.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Barclays increased their price target on Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, February 17th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $183.71.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $140.51 on Friday. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $189.51. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average is $159.76 and its 200 day moving average is $164.69. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 1.46 and a beta of 0.90.

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

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were given a $1.40 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.38. This represents a $5.60 annualized dividend and a yield of 4.0%. The ex-dividend date was Wednesday, February 25th. Penske Automotive Group’s dividend payout ratio (DPR) is 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.