Penske Automotive Group, Inc. $PAG Stock Holdings Cut by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC reduced its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 22.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 17,571 shares of the company’s stock after selling 5,059 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Penske Automotive Group were worth $3,520,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PAG. BlackRock Inc. bought a new position in shares of Penske Automotive Group in the second quarter worth about $417,516,000. Diamant Asset Management Inc. lifted its position in shares of Penske Automotive Group by 14,852.0% during the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock worth $132,237,000 after purchasing an additional 878,496 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Penske Automotive Group during the 2nd quarter worth about $79,065,000. Bank of New York Mellon Corp bought a new stake in Penske Automotive Group during the 2nd quarter valued at approximately $67,822,000. Finally, Bruni J V & Co. Co. bought a new stake in Penske Automotive Group during the 2nd quarter valued at approximately $30,778,326. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Performance

NYSE PAG opened at $212.31 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. The firm has a market capitalization of $13.94 billion, a price-to-earnings ratio of 15.63 and a beta of 0.92. The company’s fifty day moving average is $211.12 and its two-hundred day moving average is $191.66. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $227.00.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20. The company had revenue of $8.51 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.78 EPS. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.42 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a dividend of $1.46 per share. This represents a $5.84 dividend on an annualized basis and a yield of 2.8%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.44. The ex-dividend date of this dividend is Friday, November 13th. Penske Automotive Group’s dividend payout ratio (DPR) is 42.42%.

Analysts Set New Price Targets

A number of research firms have issued reports on PAG. JPMorgan Chase & Co. lowered their target price on Penske Automotive Group from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. UBS Group reaffirmed a “neutral” rating and issued a $212.00 price target on shares of Penske Automotive Group in a research report on Friday, October 16th. Benchmark lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded Penske Automotive Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, September 11th. Finally, Stephens increased their price objective on Penske Automotive Group from $166.00 to $210.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $211.43.

About Penske Automotive Group

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. Through its retail automotive operations, the company sells new and used cars and trucks representing a range of manufacturers and provides related services, including vehicle maintenance and repair, parts, collision repair, financing, insurance products and extended service contracts.

The company also operates commercial truck dealerships that sell and service new and used trucks and offer parts and maintenance services to commercial customers.