Private Management Group Inc. decreased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 28.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 122,143 shares of the company’s stock after selling 48,354 shares during the quarter. Private Management Group Inc.’s holdings in Penske Automotive Group were worth $24,470,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Penske Automotive Group during the second quarter worth about $35,000. Core Capital Management & Research inc. acquired a new position in shares of Penske Automotive Group in the 2nd quarter valued at approximately $43,000. Parkside Financial Bank & Trust raised its position in shares of Penske Automotive Group by 57.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 245 shares of the company’s stock valued at $44,000 after buying an additional 89 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of Penske Automotive Group in the 3rd quarter valued at approximately $44,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Penske Automotive Group by 179.0% during the 2nd quarter. Versant Capital Management Inc now owns 279 shares of the company’s stock worth $50,000 after acquiring an additional 179 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. Weiss Ratings lowered shares of Penske Automotive Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, November 2nd. Benchmark cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Morgan Stanley boosted their price objective on shares of Penske Automotive Group from $210.00 to $212.00 and gave the company an “equal weight” rating in a research report on Monday. Stephens upped their target price on Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Finally, Barclays raised their target price on Penske Automotive Group from $210.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, November 3rd. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $214.86.
Get Our Latest Research Report on Penske Automotive Group
Penske Automotive Group Stock Performance
Penske Automotive Group stock opened at $212.82 on Tuesday. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average price is $209.94 and its two-hundred day moving average price is $184.20. The stock has a market cap of $13.97 billion, a PE ratio of 15.52 and a beta of 0.92.
Penske Automotive Group (NYSE:PAG – Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $3.36 EPS for the quarter, missing analysts’ consensus estimates of $3.37 by ($0.01). Penske Automotive Group had a return on equity of 14.82% and a net margin of 2.77%. The company had revenue of $8.42 billion during the quarter, compared to the consensus estimate of $8.14 billion. During the same period last year, the company posted $3.23 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, analysts expect that Penske Automotive Group, Inc. will post 13.39 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend
The business also recently disclosed 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. The ex-dividend date is Friday, November 13th. This represents a $5.84 dividend on an annualized basis and a yield of 2.7%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.44. Penske Automotive Group’s dividend payout ratio is currently 42.01%.
About Penske Automotive Group
Penske Automotive Group is an international automotive and commercial vehicle retailer. The company operates franchised dealerships that sell new and used vehicles, along with parts and maintenance, repair, financing and insurance services.
Its automotive dealerships represent a range of manufacturers, with a focus on premium and luxury brands. Penske also operates commercial truck dealerships, which sell new and used trucks and provide parts and service to business customers.
Founded by Roger Penske, the company serves customers primarily in the United States and also has operations in several international markets, including the United Kingdom, Germany, Italy, Australia and Japan.
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