WFA Asset Management Corp Takes Position in Penske Automotive Group, Inc. (NYSE:PAG)

WFA Asset Management Corp bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 521 shares of the company’s stock, valued at approximately $84,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quest Partners LLC acquired a new position in Penske Automotive Group in the 4th quarter valued at $929,000. Teachers Retirement System of The State of Kentucky bought a new position in Penske Automotive Group during the third quarter worth about $1,257,000. Chase Investment Counsel Corp acquired a new stake in Penske Automotive Group in the 4th quarter worth about $802,000. Tudor Investment Corp Et Al boosted its holdings in Penske Automotive Group by 29.9% in the 3rd quarter. Tudor Investment Corp Et Al now owns 69,253 shares of the company’s stock valued at $11,569,000 after purchasing an additional 15,946 shares during the period. Finally, Occudo Quantitative Strategies LP grew its position in shares of Penske Automotive Group by 321.8% during the 4th quarter. Occudo Quantitative Strategies LP now owns 26,675 shares of the company’s stock worth $4,282,000 after purchasing an additional 20,351 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Price Performance

Shares of PAG stock traded down $0.17 during trading hours on Wednesday, reaching $146.46. The company’s stock had a trading volume of 46,943 shares, compared to its average volume of 195,129. The company has a quick ratio of 0.23, a current ratio of 0.98 and a debt-to-equity ratio of 0.30. Penske Automotive Group, Inc. has a fifty-two week low of $137.95 and a fifty-two week high of $180.84. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 10.19 and a beta of 1.18. The firm’s 50 day simple moving average is $151.82 and its 200-day simple moving average is $153.01.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.35 by ($0.14). The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.52 billion. Penske Automotive Group had a net margin of 3.27% and a return on equity of 21.72%. The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.31 EPS. Sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.39 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Monday, May 20th were issued a dividend of $0.96 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, May 17th. This represents a $3.84 annualized dividend and a dividend yield of 2.62%. Penske Automotive Group’s dividend payout ratio (DPR) is 26.70%.

Analysts Set New Price Targets

Separately, Bank of America boosted their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $163.20.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.