Hsbc Holdings PLC Acquires Shares of 6,702 Penske Automotive Group, Inc. $PAG

Hsbc Holdings PLC acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,702 shares of the company’s stock, valued at approximately $1,188,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PAG. Goldman Sachs Group Inc. increased its position in shares of Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after buying an additional 84,045 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Penske Automotive Group by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 68,884 shares of the company’s stock worth $9,918,000 after buying an additional 3,100 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group in the first quarter worth about $42,000. EverSource Wealth Advisors LLC lifted its holdings in Penske Automotive Group by 506.9% in the second quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company’s stock worth $151,000 after buying an additional 735 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Penske Automotive Group by 47.0% in the second quarter. Brown Advisory Inc. now owns 3,108 shares of the company’s stock worth $534,000 after buying an additional 994 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Trading Down 0.3%

Shares of NYSE PAG opened at $216.36 on Tuesday. Penske Automotive Group, Inc. has a 1 year low of $140.12 and a 1 year high of $227.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. The firm has a 50-day moving average of $205.10 and a 200 day moving average of $177.06. The stock has a market cap of $14.21 billion, a P/E ratio of 15.93 and a beta of 0.84.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.42 by $0.20. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business had revenue of $8.51 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same quarter in the prior year, the company earned $3.78 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.61 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $1.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. Penske Automotive Group’s payout ratio is presently 42.42%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Morgan Stanley reiterated an “overweight” rating and set a $190.00 target price on shares of Penske Automotive Group in a report on Thursday, May 7th. UBS Group set a $190.00 target price on Penske Automotive Group in a research note on Friday, July 10th. Stephens lifted their price target on Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. Benchmark cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Bank of America upped their price target on Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $208.50.

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.