Commonwealth Equity Services Inc purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the third quarter, according to its most recent filing with the SEC. The firm purchased 4,201 shares of the company’s stock, valued at approximately $199,000.
Other hedge funds also recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position 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 valued at $110,000 after acquiring an additional 175 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Penske Automotive Group during the 2nd quarter valued at approximately $206,000. Fox Run Management L.L.C. acquired a new stake in shares of Penske Automotive Group during the 3rd quarter valued at approximately $252,000. Pacer Advisors Inc. lifted its position 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 valued at $257,000 after acquiring an additional 624 shares during the period. Finally, Amalgamated Bank lifted its position in shares of Penske Automotive Group by 17.0% during the 2nd quarter. Amalgamated Bank now owns 6,455 shares of the company’s stock valued at $283,000 after acquiring an additional 937 shares during the period. Institutional investors own 41.41% of the company’s stock.
Several brokerages recently issued reports on PAG. ValuEngine upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Northcoast Research began coverage on Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price objective for the company. BidaskClub downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. KeyCorp restated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Finally, Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $56.00.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.33 billion. During the same period in the previous year, the firm posted $1.03 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. equities research analysts expect that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were paid a $0.33 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, November 9th. Penske Automotive Group’s payout ratio is presently 30.99%.
Penske Automotive Group announced that its board has approved a stock buyback program on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, major shareholder Corp Penske bought 1,103,996 shares of the stock in a transaction on Friday, October 20th. The stock was purchased at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the purchase, the insider now owns 11,564,576 shares of the company’s stock, valued at $523,759,647.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John D. Jr. Carlson sold 7,000 shares of Penske Automotive Group stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the completion of the sale, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at $1,147,792.80. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by insiders.
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Penske Automotive Group 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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