Oppenheimer & Co. Inc. Cuts Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Oppenheimer & Co. Inc. decreased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 10.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,696 shares of the company’s stock after selling 787 shares during the period. Oppenheimer & Co. Inc.’s holdings in Penske Automotive Group were worth $317,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. SRS Capital Advisors Inc. purchased a new position in Penske Automotive Group in the second quarter worth about $31,000. Signaturefd LLC grew its position in Penske Automotive Group by 90.5% in the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $42,000 after acquiring an additional 417 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new position in Penske Automotive Group in the first quarter worth about $125,000. Advisory Services Network LLC grew its position in Penske Automotive Group by 8,888.1% in the second quarter. Advisory Services Network LLC now owns 3,775 shares of the company’s stock worth $179,000 after acquiring an additional 3,733 shares in the last quarter. Finally, West Branch Capital LLC purchased a new position in Penske Automotive Group in the second quarter worth about $216,000. Hedge funds and other institutional investors own 42.76% of the company’s stock.

NYSE PAG traded down $0.80 during trading on Thursday, hitting $47.63. The stock had a trading volume of 14,850 shares, compared to its average volume of 405,890. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.21 and a current ratio of 0.98. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 8.92, a P/E/G ratio of 1.58 and a beta of 1.33. Penske Automotive Group, Inc. has a one year low of $38.49 and a one year high of $53.63. The stock has a 50 day simple moving average of $44.16 and a 200 day simple moving average of $44.80.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.59 by ($0.17). The firm had revenue of $5.76 billion during the quarter, compared to the consensus estimate of $5.90 billion. Penske Automotive Group had a return on equity of 16.56% and a net margin of 2.00%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.58 EPS. On average, sell-side analysts predict that Penske Automotive Group, Inc. will post 5.28 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.60 annualized dividend and a yield of 3.36%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.39. Penske Automotive Group’s dividend payout ratio (DPR) is presently 29.96%.

Several research firms recently commented on PAG. Northcoast Research reiterated a “buy” rating on shares of Penske Automotive Group in a research report on Thursday, August 1st. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating and set a $46.00 price target for the company in a research report on Tuesday, May 28th. ValuEngine lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, July 11th. Finally, Morgan Stanley lifted their price target on Penske Automotive Group from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $53.00.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.

Read More: Understanding the Price to Earnings Ratio (PE)

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

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