Airain ltd acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 7,165 shares of the company’s stock, valued at approximately $315,000.
Several other hedge funds also recently modified their holdings of the stock. American Century Companies Inc. raised its stake in shares of Penske Automotive Group by 50.6% in the 2nd quarter. American Century Companies Inc. now owns 340,290 shares of the company’s stock valued at $14,942,000 after acquiring an additional 114,386 shares in the last quarter. Blue Chip Partners Inc. grew its holdings in Penske Automotive Group by 19.5% in the 2nd quarter. Blue Chip Partners Inc. now owns 33,344 shares of the company’s stock valued at $1,464,000 after buying an additional 5,447 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Penske Automotive Group by 54.6% in the 2nd quarter. Victory Capital Management Inc. now owns 480,010 shares of the company’s stock valued at $21,077,000 after buying an additional 169,550 shares during the last quarter. Federated Investors Inc. PA grew its holdings in Penske Automotive Group by 5.2% in the 2nd quarter. Federated Investors Inc. PA now owns 8,495 shares of the company’s stock valued at $373,000 after buying an additional 420 shares during the last quarter. Finally, Cadence Capital Management LLC grew its holdings in Penske Automotive Group by 38.7% in the 2nd quarter. Cadence Capital Management LLC now owns 7,542 shares of the company’s stock valued at $331,000 after buying an additional 2,104 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.
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A number of analysts have issued reports on PAG shares. Morgan Stanley lowered their target price on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, June 9th. ValuEngine lowered Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub raised Penske Automotive Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Zacks Investment Research lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Penske Automotive Group has an average rating of “Hold” and an average price target of $52.67.
Shares of Penske Automotive Group, Inc. (PAG) opened at 46.15 on Friday. Penske Automotive Group, Inc. has a 52 week low of $38.33 and a 52 week high of $56.05. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 11.00 and a beta of 1.46. The company has a 50-day moving average price of $41.94 and a 200 day moving average price of $44.11.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Thursday, July 27th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.07. The business had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 19.13%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.11 EPS. Analysts expect that Penske Automotive Group, Inc. will post $4.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Thursday, August 10th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.28 annualized dividend and a dividend yield of 2.77%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s dividend payout ratio is presently 30.55%.
In other news, EVP Claude H. Denker III sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $41.27, for a total value of $206,350.00. Following the transaction, the executive vice president now owns 22,243 shares of the company’s stock, valued at $917,968.61. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 40.70% of the company’s stock.
About Penske Automotive Group
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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