Manning & Napier Advisors LLC Takes $3.74 Million Position in Penske Automotive Group, Inc. (NYSE:PAG)

Manning & Napier Advisors LLC bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 25,108 shares of the company’s stock, valued at approximately $3,742,000.

Other large investors have also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its holdings in Penske Automotive Group by 13.0% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 3,117 shares of the company’s stock valued at $500,000 after acquiring an additional 358 shares during the period. International Assets Investment Management LLC boosted its holdings in Penske Automotive Group by 15,960.7% during the 4th quarter. International Assets Investment Management LLC now owns 66,973 shares of the company’s stock valued at $10,750,000 after acquiring an additional 66,556 shares during the period. New York State Teachers Retirement System boosted its holdings in Penske Automotive Group by 2.9% during the 4th quarter. New York State Teachers Retirement System now owns 7,209 shares of the company’s stock valued at $1,157,000 after acquiring an additional 200 shares during the period. Louisiana State Employees Retirement System purchased a new position in Penske Automotive Group during the 4th quarter valued at $883,000. Finally, Strs Ohio boosted its holdings in Penske Automotive Group by 18.5% during the 4th quarter. Strs Ohio now owns 13,314 shares of the company’s stock valued at $2,137,000 after acquiring an additional 2,079 shares during the period. Institutional investors own 77.08% of the company’s stock.

Insider Transactions at Penske Automotive Group

In other news, Director John Barr sold 716 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 51.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Bank of America upped their target price on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $135.00 to $140.00 and gave the stock an “underweight” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $157.75.

Penske Automotive Group Stock Down 0.2 %

Shares of PAG traded down $0.29 during trading hours on Friday, hitting $161.81. The company had a trading volume of 113,830 shares, compared to its average volume of 196,813. The company has a market capitalization of $10.80 billion, a PE ratio of 11.25 and a beta of 1.18. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a one year low of $137.95 and a one year high of $179.72. The company’s fifty day moving average price is $153.46 and its two-hundred day moving average price is $153.27.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, topping the consensus estimate of $3.39 by $0.22. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.41 EPS. As a group, equities analysts forecast that Penske Automotive Group, Inc. will post 13.37 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.65%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Thursday, August 15th. Penske Automotive Group’s payout ratio is presently 26.70%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.