Penske Automotive Group, Inc. (PAG) Shares Bought by Legal & General Group Plc

Legal & General Group Plc lifted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 29.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,538 shares of the company’s stock after buying an additional 14,109 shares during the period. Legal & General Group Plc owned approximately 0.07% of Penske Automotive Group worth $2,927,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Penske Automotive Group by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,783,279 shares of the company’s stock worth $122,214,000 after buying an additional 51,334 shares during the last quarter. LSV Asset Management boosted its position in Penske Automotive Group by 4.2% during the 2nd quarter. LSV Asset Management now owns 2,516,387 shares of the company’s stock worth $110,494,000 after purchasing an additional 100,380 shares during the period. Fiduciary Management Inc. WI boosted its position in Penske Automotive Group by 1.0% during the 2nd quarter. Fiduciary Management Inc. WI now owns 1,457,745 shares of the company’s stock worth $64,010,000 after purchasing an additional 15,090 shares during the period. State Street Corp boosted its position in Penske Automotive Group by 1.5% during the 2nd quarter. State Street Corp now owns 621,001 shares of the company’s stock worth $27,266,000 after purchasing an additional 9,240 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Penske Automotive Group by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 565,780 shares of the company’s stock worth $26,914,000 after purchasing an additional 85,770 shares during the period. Institutional investors and hedge funds own 41.40% of the company’s stock.

Shares of Penske Automotive Group, Inc. (NYSE PAG) opened at $48.21 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $55.26. The firm has a market cap of $4,134.88, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.73 and a beta of 1.46.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data 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 company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. analysts anticipate that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current year.

Penske Automotive Group declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were given a $0.33 dividend. This is a boost 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 2.74%. The ex-dividend date of this dividend was Thursday, November 9th. Penske Automotive Group’s dividend payout ratio is presently 30.99%.

In other news, EVP Shane M. Spradlin sold 3,188 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $47.41, for a total transaction of $151,143.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Corp Penske purchased 1,103,996 shares of Penske Automotive Group stock in a transaction dated Friday, October 20th. The shares were bought at an average cost of $45.29 per share, for a total transaction of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. Corporate insiders own 40.70% of the company’s stock.

A number of brokerages recently weighed in on PAG. ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Northcoast Research began coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price target for the company. KeyCorp reaffirmed a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Zacks Investment Research raised shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Finally, Berenberg Bank began coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $56.00.

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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.

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

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