Fenimore Asset Management Inc. Acquires 104,729 Shares of Penske Automotive Group, Inc. (PAG)

Fenimore Asset Management Inc. boosted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 48.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 320,979 shares of the company’s stock after buying an additional 104,729 shares during the period. Fenimore Asset Management Inc. owned approximately 0.37% of Penske Automotive Group worth $14,094,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Penske Automotive Group by 3.7% in the first quarter. Vanguard Group Inc. now owns 2,731,945 shares of the company’s stock valued at $127,882,000 after buying an additional 97,202 shares during the period. LSV Asset Management increased its position in shares of Penske Automotive Group by 6.3% in the first quarter. LSV Asset Management now owns 2,416,007 shares of the company’s stock valued at $113,093,000 after buying an additional 142,956 shares during the period. Fiduciary Management Inc. WI increased its position in shares of Penske Automotive Group by 13.3% in the first quarter. Fiduciary Management Inc. WI now owns 1,442,655 shares of the company’s stock valued at $67,531,000 after buying an additional 168,845 shares during the period. Sentry Investments Corp. increased its position in shares of Penske Automotive Group by 0.6% in the first quarter. Sentry Investments Corp. now owns 1,179,732 shares of the company’s stock valued at $55,223,000 after buying an additional 6,500 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Penske Automotive Group by 8.4% in the first quarter. Bank of America Corp DE now owns 677,078 shares of the company’s stock valued at $31,695,000 after buying an additional 52,663 shares during the period. 39.26% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group, Inc. (PAG) traded down 3.00% during midday trading on Tuesday, hitting $41.04. 777,646 shares of the stock were exchanged. The firm’s 50 day moving average price is $43.38 and its 200 day moving average price is $46.63. Penske Automotive Group, Inc. has a 12 month low of $39.33 and a 12 month high of $56.05. The company has a market cap of $3.53 billion, a PE ratio of 9.78 and a beta of 1.48.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, July 27th. The company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.07. Penske Automotive Group had a net margin of 1.75% and a return on equity of 19.13%. The company had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter last year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities research analysts forecast that Penske Automotive Group, Inc. will post $4.31 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, August 8th. This represents a $1.28 dividend on an annualized basis and a yield of 3.12%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s dividend payout ratio (DPR) is presently 29.59%.

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PAG has been the subject of a number of research reports. BidaskClub raised shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Morgan Stanley decreased their price target on shares of Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, June 9th. Gabelli raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Thursday, April 27th. ValuEngine downgraded shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $52.67.

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $43.64, for a total transaction of $82,916.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Robert H. Kurnick, Jr. sold 11,172 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $42.48, for a total transaction of $474,586.56. Following the sale, the president now directly owns 89,405 shares in the company, valued at approximately $3,797,924.40. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by company insiders.

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.

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

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