Advantage Alpha Capital Partners LP Buys New Shares in Penske Automotive Group, Inc. (NYSE:PAG)

Advantage Alpha Capital Partners LP purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 6,375 shares of the company’s stock, valued at approximately $1,035,000.

Several other hedge funds have also added to or reduced their stakes in PAG. Burgundy Asset Management Ltd. increased its holdings in shares of Penske Automotive Group by 1.8% in the second quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock worth $115,874,000 after buying an additional 13,968 shares during the period. AQR Capital Management LLC grew its position in Penske Automotive Group by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock worth $62,280,000 after acquiring an additional 99,164 shares during the last quarter. Millennium Management LLC increased its stake in Penske Automotive Group by 9.1% in the 2nd 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 during the period. Citigroup Inc. lifted its position in Penske Automotive Group by 4.1% in the third quarter. Citigroup Inc. now owns 63,548 shares of the company’s stock valued at $10,321,000 after purchasing an additional 2,475 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Penske Automotive Group by 12,674.5% during the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock valued at $9,606,000 after purchasing an additional 58,683 shares during the period. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $170.38 on Tuesday. The firm has a market capitalization of $11.38 billion, a price-to-earnings ratio of 13.06 and a beta of 1.17. The stock has a fifty day moving average of $157.63 and a 200 day moving average of $156.70. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week 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.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 EPS 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 return on equity of 18.38% and a net margin of 2.91%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $3.90 earnings per share. As a group, research analysts expect that Penske Automotive Group, Inc. will post 13.53 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 given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 2.79%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. Penske Automotive Group’s payout ratio is presently 36.48%.

Wall Street Analyst Weigh In

PAG has been the topic of several analyst reports. Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Stephens started coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their target price 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.

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.