Basepoint Wealth LLC Purchases New Stake in Penske Automotive Group, Inc. $PAG

Basepoint Wealth LLC purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,101 shares of the company’s stock, valued at approximately $464,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Navalign LLC purchased a new position in Penske Automotive Group in the fourth quarter valued at about $26,000. International Assets Investment Management LLC purchased a new position in Penske Automotive Group in the 4th quarter valued at approximately $30,000. Rothschild Investment LLC increased its stake in Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock valued at $38,000 after purchasing an additional 66 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Penske Automotive Group during the first quarter worth $42,000. Finally, Global Retirement Partners LLC boosted its position in Penske Automotive Group by 186.6% during the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock worth $51,000 after purchasing an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Price Performance

PAG opened at $202.63 on Monday. The company has a 50-day moving average of $176.80 and a 200-day moving average of $165.25. The company has a market capitalization of $13.32 billion, a P/E ratio of 15.12, a PEG ratio of 2.62 and a beta of 0.87. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $207.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.14. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $7.71 billion. During the same period in the prior year, the company posted $3.66 EPS. The business’s revenue was down 1.1% compared to the same quarter last year. Equities analysts expect that Penske Automotive Group, Inc. will post 13.44 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th were given a dividend of $1.42 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, May 26th. Penske Automotive Group’s payout ratio is currently 42.39%.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares in the company, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The disclosure for this sale is available in the SEC filing. 52.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on PAG shares. Benchmark restated a “buy” rating on shares of Penske Automotive Group in a report on Friday, July 10th. Barclays raised their price objective on shares of Penske Automotive Group from $190.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday. Stephens upped their price objective on Penske Automotive Group from $155.00 to $160.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their target price on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, Bank of America raised their price target on Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $194.62.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.