Point72 Asset Management L.P. acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 466,800 shares of the company’s stock, valued at approximately $22,206,000. Point72 Asset Management L.P. owned 0.54% of Penske Automotive Group at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PAG. Teachers Advisors LLC grew its stake in shares of Penske Automotive Group by 5.5% in the 1st quarter. Teachers Advisors LLC now owns 43,721 shares of the company’s stock valued at $2,047,000 after purchasing an additional 2,273 shares during the period. Sei Investments Co. grew its stake in shares of Penske Automotive Group by 46.7% in the 2nd quarter. Sei Investments Co. now owns 17,557 shares of the company’s stock valued at $771,000 after purchasing an additional 5,585 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Penske Automotive Group by 100.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 23,800 shares of the company’s stock valued at $1,045,000 after purchasing an additional 11,900 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Penske Automotive Group by 5.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 297,718 shares of the company’s stock valued at $13,073,000 after purchasing an additional 16,353 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Penske Automotive Group by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 340,451 shares of the company’s stock valued at $14,949,000 after purchasing an additional 5,269 shares during the period. Institutional investors own 41.41% of the company’s stock.

In other news, major shareholder Corp Penske acquired 1,103,996 shares of Penske Automotive Group stock in a transaction on Friday, October 20th. The shares were purchased at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the acquisition, the insider now owns 11,564,576 shares in the company, valued at $523,759,647.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Shane M. Spradlin sold 3,188 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $47.41, for a total value of $151,143.08. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by corporate insiders.

Penske Automotive Group, Inc. (NYSE:PAG) traded up $0.01 during midday trading on Thursday, reaching $48.13. The company had a trading volume of 293,700 shares, compared to its average volume of 466,042. The company has a market cap of $4,080.00, a price-to-earnings ratio of 11.32, a PEG ratio of 1.73 and a beta of 1.46. Penske Automotive Group, Inc. has a 1-year low of $38.33 and a 1-year high of $55.26. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.02. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.33 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. Penske Automotive Group’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.03 EPS. research analysts anticipate that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current year.

Penske Automotive Group declared that its board has initiated a stock repurchase program on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were issued a dividend of $0.33 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 2.74%. Penske Automotive Group’s dividend payout ratio is currently 30.91%.

A number of equities research analysts recently commented on PAG shares. BidaskClub lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. ValuEngine lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Northcoast Research started coverage on Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price target on the stock. Berenberg Bank started coverage on Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price target on the stock. Finally, KeyCorp restated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $56.00.

COPYRIGHT VIOLATION WARNING: “Point72 Asset Management L.P. Takes Position in Penske Automotive Group, Inc. (PAG)” was posted by Watch List News and is the property of of Watch List News. If you are accessing this story on another site, it was illegally copied and republished in violation of international copyright law. The correct version of this story can be accessed at https://www.watchlistnews.com/point72-asset-management-l-p-takes-position-in-penske-automotive-group-inc-pag/1763992.html.

Penske Automotive Group Profile

Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.

Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG).

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.