4,443 Shares in Penske Automotive Group, Inc. (NYSE:PAG) Purchased by Readystate Asset Management LP

Readystate Asset Management LP acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,443 shares of the company’s stock, valued at approximately $722,000.

Other large investors have also modified their holdings of the company. Fifth Third Bancorp increased its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after acquiring an additional 91 shares during the period. International Assets Investment Management LLC acquired a new position in Penske Automotive Group during the 2nd quarter valued at about $69,000. True Wealth Design LLC increased its stake in Penske Automotive Group by 14,833.3% during the 3rd quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after buying an additional 445 shares during the period. Transamerica Financial Advisors Inc. increased its stake in Penske Automotive Group by 45,300.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock valued at $74,000 after buying an additional 453 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Penske Automotive Group during the 3rd quarter valued at about $112,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. Finally, Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company.

Penske Automotive Group Price Performance

Shares of PAG opened at $163.74 on Friday. The business’s 50-day moving average is $158.67 and its 200-day moving average is $157.14. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 12.55 and a beta of 1.18. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The firm had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter last year, the firm earned $3.90 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio is 36.48%.

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.