Raymond James & Associates Grows Position in Penske Automotive Group, Inc. (NYSE:PAG)

Posted by Defense World Staff on Oct 26th, 2023

Raymond James & Associates grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 29.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,660 shares of the company’s stock after purchasing an additional 5,451 shares during the quarter. Raymond James & Associates’ holdings in Penske Automotive Group were worth $3,942,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Treasurer of the State of North Carolina boosted its holdings in Penske Automotive Group by 0.7% in the 1st quarter. Treasurer of the State of North Carolina now owns 11,275 shares of the company’s stock worth $1,599,000 after buying an additional 80 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Penske Automotive Group by 0.6% in the first quarter. Public Employees Retirement System of Ohio now owns 15,659 shares of the company’s stock worth $2,221,000 after acquiring an additional 87 shares during the period. Mariner LLC grew its position in shares of Penske Automotive Group by 4.2% in the fourth quarter. Mariner LLC now owns 2,373 shares of the company’s stock valued at $273,000 after purchasing an additional 95 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Penske Automotive Group by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 2,605 shares of the company’s stock valued at $369,000 after purchasing an additional 98 shares during the period. Finally, ETF Managers Group LLC lifted its holdings in Penske Automotive Group by 1.5% during the 1st quarter. ETF Managers Group LLC now owns 7,779 shares of the company’s stock worth $1,103,000 after purchasing an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $142.28 on Thursday. Penske Automotive Group, Inc. has a one year low of $102.87 and a one year high of $180.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.24. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 2.52 and a beta of 1.21. The company’s fifty day moving average price is $159.71 and its 200-day moving average price is $156.21.

Penske Automotive Group (NYSE:PAG – Get Free Report) last released its earnings results on Wednesday, July 26th. The company reported $4.41 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.43. Penske Automotive Group had a return on equity of 29.07% and a net margin of 4.30%. The business had revenue of $7.47 billion for the quarter, compared to analysts’ expectations of $7.20 billion. During the same quarter in the prior year, the firm earned $4.93 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 16.56 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.22%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.72. The ex-dividend date is Thursday, November 9th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 16.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PAG shares. Benchmark reiterated a “buy” rating and set a $196.00 price target on shares of Penske Automotive Group in a research report on Monday, October 9th. StockNews.com assumed coverage on shares of Penske Automotive Group in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Morgan Stanley boosted their price target on shares of Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a research report on Wednesday, August 9th. JPMorgan Chase & Co. increased their price objective on Penske Automotive Group from $140.00 to $145.00 and gave the stock an “underweight” rating in a research report on Thursday, October 12th. Finally, Bank of America boosted their target price on Penske Automotive Group from $175.00 to $205.00 in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $167.60.

Check Out Our Latest Stock Report on PAG

Insider Buying and Selling

In other Penske Automotive Group news, President Robert H. Kurnick, Jr. sold 10,997 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $166.12, for a total transaction of $1,826,821.64. Following the transaction, the president now directly owns 36,181 shares in the company, valued at $6,010,387.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director John Barr sold 3,000 shares of Penske Automotive Group stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.49, for a total value of $490,470.00. Following the transaction, the director now owns 712 shares in the company, valued at $116,404.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Robert H. Kurnick, Jr. sold 10,997 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $166.12, for a total value of $1,826,821.64. Following the sale, the president now owns 36,181 shares of the company’s stock, valued at $6,010,387.72. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by corporate insiders.

About Penske Automotive Group

(Free Report)

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.