Asset Management One Co. Ltd. Decreases Holdings in Penske Automotive Group, Inc. (PAG)

Asset Management One Co. Ltd. reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,974 shares of the company’s stock after selling 1,203 shares during the period. Asset Management One Co. Ltd.’s holdings in Penske Automotive Group were worth $853,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Penske Automotive Group by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,783,279 shares of the company’s stock valued at $122,214,000 after purchasing an additional 51,334 shares during the last quarter. LSV Asset Management increased its holdings in shares of Penske Automotive Group by 4.2% in the second quarter. LSV Asset Management now owns 2,516,387 shares of the company’s stock valued at $110,494,000 after purchasing an additional 100,380 shares during the last quarter. Fiduciary Management Inc. WI increased its holdings in shares of Penske Automotive Group by 26.9% in the third quarter. Fiduciary Management Inc. WI now owns 1,849,553 shares of the company’s stock valued at $87,983,000 after purchasing an additional 391,808 shares during the last quarter. State Street Corp increased its holdings in shares of Penske Automotive Group by 1.5% in the second quarter. State Street Corp now owns 621,001 shares of the company’s stock valued at $27,266,000 after purchasing an additional 9,240 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Penske Automotive Group by 17.9% in the third quarter. Victory Capital Management Inc. now owns 565,780 shares of the company’s stock valued at $26,914,000 after purchasing an additional 85,770 shares during the last quarter. Hedge funds and other institutional investors own 41.40% of the company’s stock.

In other news, major shareholder Corp Penske acquired 1,103,996 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was acquired at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the completion of the transaction, the insider now directly owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John D. Jr. Carlson sold 7,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the sale, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The disclosure for this sale can be found here. Corporate insiders own 40.70% of the company’s stock.

Penske Automotive Group, Inc. (NYSE:PAG) opened at $48.15 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group, Inc. has a one year low of $38.33 and a one year high of $55.26. The company has a market cap of $4,147.75, a PE ratio of 11.38, a P/E/G ratio of 1.74 and a beta of 1.46.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same period in the prior year, the company posted $1.03 earnings per share. Penske Automotive Group’s revenue was up 7.2% compared to the same quarter last year. research analysts anticipate that Penske Automotive Group, Inc. will post 4.3 EPS for the current fiscal year.

Penske Automotive Group announced that its board has authorized a stock buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were given a dividend of $0.33 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 2.74%. Penske Automotive Group’s dividend payout ratio is currently 30.99%.

Several equities analysts recently commented on PAG shares. Gabelli upped their price target on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. KeyCorp restated a “hold” rating on shares of Penske Automotive Group in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Northcoast Research started coverage on shares of Penske Automotive Group in a research note on Thursday, September 28th. They issued a “buy” rating and a $56.00 price target on the stock. Finally, ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Penske Automotive Group currently has an average rating of “Hold” and a consensus price target of $56.00.

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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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Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

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