Empowered Funds LLC Has $371,000 Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Empowered Funds LLC lifted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 16.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,282 shares of the company’s stock after buying an additional 330 shares during the period. Empowered Funds LLC’s holdings in Penske Automotive Group were worth $371,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. CIBC Asset Management Inc increased its holdings in shares of Penske Automotive Group by 3.7% in the third quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock worth $316,000 after acquiring an additional 69 shares in the last quarter. Applied Capital LLC FL increased its stake in Penske Automotive Group by 0.4% during the 3rd quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock worth $3,439,000 after purchasing an additional 77 shares in the last quarter. Arizona State Retirement System raised its holdings in Penske Automotive Group by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock worth $838,000 after buying an additional 84 shares during the period. Ashton Thomas Private Wealth LLC lifted its stake in Penske Automotive Group by 5.2% in the third quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company’s stock valued at $277,000 after buying an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Penske Automotive Group by 32.2% in the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after buying an additional 91 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analyst Ratings Changes

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

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $170.38 on Tuesday. The company’s fifty day simple moving average is $157.35 and its 200-day simple moving average is $156.60. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $179.72. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The firm has a market cap of $11.38 billion, a PE ratio of 13.06 and a beta of 1.17.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same period last year, the firm earned $3.90 EPS. The firm’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 13.53 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be paid a dividend of $1.19 per share. The ex-dividend date is Friday, November 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a dividend yield of 2.79%. Penske Automotive Group’s payout ratio is currently 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.