Jacobs Levy Equity Management Inc. Invests $1.81 Million in Penske Automotive Group, Inc. (NYSE:PAG)

Jacobs Levy Equity Management Inc. bought a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 11,116 shares of the company’s stock, valued at approximately $1,805,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. OFI Invest Asset Management purchased a new position in Penske Automotive Group during the 2nd quarter valued at $1,516,000. Cerity Partners LLC lifted its holdings in shares of Penske Automotive Group by 176.1% in the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock worth $2,166,000 after buying an additional 8,504 shares during the period. Aristeia Capital L.L.C. purchased a new stake in shares of Penske Automotive Group in the 2nd quarter worth $626,000. Millennium Management LLC lifted its holdings in shares of 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 buying an additional 10,522 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Penske Automotive Group by 188.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company’s stock worth $1,134,000 after buying an additional 4,559 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th.

Penske Automotive Group Trading Up 0.1 %

PAG opened at $163.88 on Friday. The firm has a market cap of $10.94 billion, a price-to-earnings ratio of 12.56 and a beta of 1.18. 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. The stock has a fifty day moving average price of $158.69 and a 200-day moving average price of $157.22.

Penske Automotive Group (NYSE:PAG) last released its quarterly 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 the consensus estimate 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 was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $3.90 earnings per share. As a group, equities research analysts anticipate 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 was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were given a dividend of $1.19 per share. 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 yield of 2.90%. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group’s dividend 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.