First Allied Advisory Services Inc. decreased its position in Penske Automotive Group, Inc. (NYSE:PAG) by 8.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,679 shares of the company’s stock after selling 440 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Penske Automotive Group were worth $207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the stock. Petrus Trust Company LTA bought a new stake in Penske Automotive Group in the 2nd quarter worth approximately $365,000. Stifel Financial Corp lifted its position in Penske Automotive Group by 10.4% in the second quarter. Stifel Financial Corp now owns 60,812 shares of the company’s stock valued at $2,657,000 after purchasing an additional 5,748 shares during the last quarter. Renaissance Technologies LLC lifted its position in Penske Automotive Group by 99.9% in the second quarter. Renaissance Technologies LLC now owns 371,700 shares of the company’s stock valued at $16,321,000 after purchasing an additional 185,800 shares during the last quarter. Ramsey Quantitative Systems bought a new stake in Penske Automotive Group in the second quarter valued at approximately $286,000. Finally, Advisor Group Inc. lifted its position in Penske Automotive Group by 19.4% in the second quarter. Advisor Group Inc. now owns 7,315 shares of the company’s stock valued at $321,000 after purchasing an additional 1,187 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.
PAG has been the subject of several recent research reports. ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Northcoast Research initiated coverage on Penske Automotive Group in a research report on Thursday, September 28th. They issued a “buy” rating and a $56.00 price objective for the company. KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Berenberg Bank initiated coverage on Penske Automotive Group in a research report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 price objective for the company. Finally, Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Penske Automotive Group has an average rating of “Hold” and an average price target of $53.43.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Thursday, July 27th. The company reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.07. The business had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.44 billion. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. Penske Automotive Group’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.11 EPS. On average, analysts forecast that Penske Automotive Group, Inc. will post $4.30 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, November 9th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 2.92%. Penske Automotive Group’s payout ratio is 30.55%.
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In other Penske Automotive Group news, EVP Claude H. Denker III sold 5,000 shares of Penske Automotive Group stock in a transaction 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 directly owns 22,243 shares of the company’s stock, valued at approximately $917,968.61. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 40.70% of the company’s stock.
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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