IFP Advisors Inc increased its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 18,404 shares of the company’s stock after buying an additional 109 shares during the period. IFP Advisors Inc’s holdings in Penske Automotive Group were worth $808,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Rothschild Asset Management Inc. acquired a new position in Penske Automotive Group during the first quarter valued at $13,780,000. Norges Bank purchased a new stake in Penske Automotive Group during the fourth quarter valued at approximately $10,158,000. Cambiar Investors LLC purchased a new stake in Penske Automotive Group during the second quarter valued at approximately $8,031,000. Fiduciary Management Inc. WI boosted its stake in 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 last quarter. Finally, LSV Asset Management boosted its stake in 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 last quarter. Institutional investors own 39.26% of the company’s stock.
Shares of Penske Automotive Group, Inc. (PAG) opened at 41.45 on Thursday. The company has a market capitalization of $3.57 billion, a P/E ratio of 9.88 and a beta of 1.48. The company’s 50 day moving average price is $43.38 and its 200 day moving average price is $46.36. Penske Automotive Group, Inc. has a 12 month low of $40.37 and a 12 month high of $56.05.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, July 27th. The company reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.07. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same period in the previous year, the business earned $1.11 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis. 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 will be paid on Friday, September 1st. Shareholders of record on Thursday, August 10th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, August 8th. This represents a $1.28 annualized dividend and a yield of 3.09%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s payout ratio is 30.55%.
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Several research firms have commented on PAG. Gabelli upgraded Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Thursday, April 27th. ValuEngine cut Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company reiterated a “market perform” rating and set a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research note on Monday, July 17th. Finally, BidaskClub upgraded Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Penske Automotive Group currently has an average rating of “Hold” and an average price target of $52.67.
In other Penske Automotive Group news, EVP Shane M. Spradlin sold 1,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $43.64, for a total transaction of $82,916.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Robert H. Kurnick, Jr. sold 11,172 shares of the company’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 value of $474,586.56. Following the transaction, the president now owns 89,405 shares in the company, valued at approximately $3,797,924.40. The disclosure for this sale can be found here. Insiders own 40.70% of the company’s stock.
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.
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