Principal Financial Group Inc. reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 1.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,894 shares of the company’s stock after selling 111 shares during the period. Principal Financial Group Inc.’s holdings in Penske Automotive Group were worth $323,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meadow Creek Investment Management LLC purchased a new position in shares of Penske Automotive Group during the first quarter worth $113,000. Bank of Montreal Can boosted its position in shares of Penske Automotive Group by 10.9% in the first quarter. Bank of Montreal Can now owns 2,787 shares of the company’s stock worth $131,000 after buying an additional 275 shares in the last quarter. Glen Harbor Capital Management LLC purchased a new position in shares of Penske Automotive Group during the first quarter worth $137,000. Pacer Advisors Inc. boosted its stake in Penske Automotive Group by 22.1% in the first quarter. Pacer Advisors Inc. now owns 5,230 shares of the company’s stock worth $245,000 after buying an additional 945 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Penske Automotive Group during the first quarter worth approximately $276,000. Institutional investors and hedge funds own 39.77% of the company’s stock.
Penske Automotive Group, Inc. (NYSE PAG) traded up 1.69% during trading on Friday, reaching $39.70. The company had a trading volume of 559,897 shares. The company has a market capitalization of $3.41 billion, a P/E ratio of 9.46 and a beta of 1.48. The stock has a 50 day moving average of $43.03 and a 200-day moving average of $45.73. Penske Automotive Group, Inc. has a 12 month low of $38.33 and a 12 month high of $56.05.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Thursday, August 10th will be issued a dividend of $0.32 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.22%. Penske Automotive Group’s dividend payout ratio is currently 30.55%.
PAG has been the subject of a number of recent research reports. Morgan Stanley dropped their price objective on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, June 9th. ValuEngine cut Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub upgraded Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Gabelli upgraded Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Thursday, April 27th. Finally, Zacks Investment Research cut Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $52.67.
In related news, EVP Claude H. Denker III sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total transaction of $206,350.00. Following the completion of the sale, the executive vice president now owns 22,243 shares in the company, valued at approximately $917,968.61. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Shane M. Spradlin sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $43.64, for a total value of $82,916.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,072 shares of company stock worth $763,853. 40.70% of the stock is currently owned by insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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