Oppenheimer & Co. Inc. Makes New $553,000 Investment in Penske Automotive Group, Inc. (NYSE:PAG)

Oppenheimer & Co. Inc. bought a new position in Penske Automotive Group, Inc. (NYSE:PAGGet Rating) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,286 shares of the company’s stock, valued at approximately $553,000.

A number of other institutional investors have also recently added to or reduced their stakes in PAG. American Century Companies Inc. lifted its position in Penske Automotive Group by 13.9% in the first quarter. American Century Companies Inc. now owns 1,921,865 shares of the company’s stock worth $180,117,000 after purchasing an additional 234,447 shares during the period. Goldman Sachs Group Inc. lifted its position in Penske Automotive Group by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 663,385 shares of the company’s stock worth $62,173,000 after purchasing an additional 183,493 shares during the period. Invesco Ltd. lifted its position in shares of Penske Automotive Group by 162.7% during the 1st quarter. Invesco Ltd. now owns 134,180 shares of the company’s stock valued at $12,574,000 after acquiring an additional 83,097 shares during the last quarter. WBI Investments Inc. acquired a new stake in shares of Penske Automotive Group during the 2nd quarter valued at $4,315,000. Finally, Aviva PLC acquired a new stake in shares of Penske Automotive Group during the 2nd quarter valued at $3,575,000. 33.07% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Price Performance

PAG opened at $123.98 on Thursday. The stock has a fifty day moving average of $106.61 and a 200-day moving average of $110.78. The firm has a market capitalization of $8.84 billion, a P/E ratio of 6.78, a PEG ratio of 1.20 and a beta of 1.25. Penske Automotive Group, Inc. has a 12-month low of $88.58 and a 12-month high of $131.55. The company has a quick ratio of 0.25, a current ratio of 0.98 and a debt-to-equity ratio of 0.38.

Penske Automotive Group (NYSE:PAGGet Rating) last released its earnings results on Wednesday, October 26th. The company reported $4.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.23. The company had revenue of $6.92 billion during the quarter, compared to analyst estimates of $6.79 billion. Penske Automotive Group had a return on equity of 33.86% and a net margin of 5.14%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.46 earnings per share. Equities analysts forecast that Penske Automotive Group, Inc. will post 18.3 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Thursday, November 10th will be issued a $0.57 dividend. The ex-dividend date is Wednesday, November 9th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.84%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.53. Penske Automotive Group’s dividend payout ratio is presently 12.47%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PAG. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, October 6th. Bank of America cut their price objective on Penske Automotive Group from $185.00 to $182.00 and set a “buy” rating for the company in a research report on Friday, September 9th. Finally, StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Tuesday, November 8th.

Penske Automotive Group Company Profile

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Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.

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

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