Raymond James Financial Services Advisors Inc. lifted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,390 shares of the company’s stock after buying an additional 850 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Penske Automotive Group were worth $676,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Penske Automotive Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after buying an additional 175 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Penske Automotive Group during the 2nd quarter worth $206,000. Paragon Capital Management Ltd acquired a new stake in shares of Penske Automotive Group during the 2nd quarter worth $233,000. Pacer Advisors Inc. increased its holdings in shares of Penske Automotive Group by 11.9% during the 2nd quarter. Pacer Advisors Inc. now owns 5,854 shares of the company’s stock worth $257,000 after buying an additional 624 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Penske Automotive Group by 3.4% during the 1st quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock worth $258,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 39.97% of the company’s stock.
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A number of research firms have recently commented on PAG. BidaskClub downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Wells Fargo & Company restated a “market perform” rating and set a $46.00 price objective (down from $54.00) on shares of Penske Automotive Group in a report on Monday, July 17th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Berenberg Bank assumed coverage on Penske Automotive Group in a report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $56.00.
In other news, major shareholder Corp Penske bought 1,103,996 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The shares were purchased at an average price of $45.29 per share, for a total transaction of $49,999,978.84. Following the acquisition, the insider now directly owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the executive vice president now owns 22,243 shares in the company, valued at approximately $917,968.61. The disclosure for this sale can be found here. Company insiders own 40.70% of the company’s stock.
Shares of Penske Automotive Group, Inc. (PAG) opened at 47.66 on Tuesday. Penske Automotive Group, Inc. has a 12 month low of $38.33 and a 12 month high of $56.05. The stock has a market capitalization of $4.10 billion, a PE ratio of 11.36 and a beta of 1.44. The company’s 50-day moving average is $45.99 and its 200-day moving average is $43.98.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. Penske Automotive Group’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. Equities research analysts expect that Penske Automotive Group, Inc. will post $4.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, November 9th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s dividend payout ratio (DPR) is 30.05%.
Penske Automotive Group declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 25th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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