Cerity Partners LLC Boosts Position in Penske Automotive Group, Inc. (NYSE:PAG)

Cerity Partners LLC raised its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 176.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,333 shares of the company’s stock after purchasing an additional 8,504 shares during the period. Cerity Partners LLC’s holdings in Penske Automotive Group were worth $2,166,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PAG. OFI Invest Asset Management acquired a new position in shares of Penske Automotive Group in the 2nd quarter valued at $1,516,000. Manning & Napier Advisors LLC acquired a new position in Penske Automotive Group in the second quarter valued at $3,742,000. Aristeia Capital L.L.C. purchased a new position in shares of Penske Automotive Group during the second quarter worth about $626,000. Tidal Investments LLC acquired a new stake in shares of Penske Automotive Group during the first quarter worth about $954,000. Finally, Millennium Management LLC increased its position in shares of Penske Automotive Group by 9.1% during the second quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock worth $18,818,000 after purchasing an additional 10,522 shares in the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Penske Automotive Group Stock Performance

NYSE PAG opened at $166.54 on Monday. The firm has a market cap of $11.12 billion, a P/E ratio of 12.76 and a beta of 1.17. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72. The business’s 50-day moving average price is $158.27 and its 200 day moving average price is $156.91. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last announced its 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). The company had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.90 earnings per share. On average, equities research analysts expect that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be paid a $1.19 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s payout ratio is currently 36.48%.

Penske Automotive Group Profile

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.