Gamco Investors INC. ET AL trimmed its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 396,007 shares of the company’s stock after selling 6,411 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Penske Automotive Group were worth $62,684,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Navalign LLC bought a new position in Penske Automotive Group during the fourth quarter worth $26,000. International Assets Investment Management LLC bought a new position in Penske Automotive Group during the fourth quarter worth $30,000. Rothschild Investment LLC boosted its position in Penske Automotive Group by 935.3% during the third quarter. Rothschild Investment LLC now owns 176 shares of the company’s stock worth $31,000 after purchasing an additional 159 shares during the period. Root Financial Partners LLC bought a new position in Penske Automotive Group during the third quarter worth $33,000. Finally, Acadian Asset Management LLC bought a new position in Penske Automotive Group during the first quarter worth $42,000. 77.08% of the stock is owned by institutional investors.
Penske Automotive Group Stock Performance
Shares of NYSE:PAG opened at $162.24 on Monday. The company’s 50 day moving average price is $156.18 and its two-hundred day moving average price is $160.34. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $189.51. The firm has a market cap of $10.67 billion, a PE ratio of 12.11, a PEG ratio of 2.10 and a beta of 0.90. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th will be given a dividend of $1.42 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, May 26th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 41.79%.
Wall Street Analyst Weigh In
PAG has been the subject of a number of research analyst reports. Citigroup lifted their price objective on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings downgraded Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 16th. Stephens increased their price objective on Penske Automotive Group from $155.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Finally, Barclays dropped their target price on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $184.86.
About Penske Automotive Group
Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.
Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.
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