Connor Clark & Lunn Investment Management Ltd. Takes Position in Penske Automotive Group, Inc. (NYSE:PAG)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,421 shares of the company’s stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Islay Capital Management LLC purchased a new stake in shares of Penske Automotive Group in the third quarter worth $1,221,000. Empowered Funds LLC raised its holdings in Penske Automotive Group by 16.9% during the third quarter. Empowered Funds LLC now owns 2,282 shares of the company’s stock valued at $371,000 after acquiring an additional 330 shares during the period. CIBC Asset Management Inc lifted its position 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 valued at $316,000 after acquiring an additional 69 shares in the last quarter. MQS Management LLC purchased a new position in shares of Penske Automotive Group in the third quarter valued at about $748,000. Finally, Victory Capital Management Inc. lifted its position in shares of Penske Automotive Group by 296.3% in the third quarter. Victory Capital Management Inc. now owns 14,913 shares of the company’s stock valued at $2,422,000 after acquiring an additional 11,150 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Penske Automotive Group Price Performance

NYSE:PAG opened at $166.54 on Monday. The company has a market capitalization of $11.12 billion, a P/E ratio of 12.76 and a beta of 1.17. The business’s 50-day moving average is $158.27 and its 200 day moving average is $156.91. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $179.72.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.67 billion. During the same period last year, the business posted $3.90 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be issued a $1.19 dividend. The ex-dividend date is Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.86%. Penske Automotive Group’s payout ratio is 36.48%.

Penske Automotive Group Company 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.