Gilder Gagnon Howe & Co. LLC raised its position in Penske Automotive Group, Inc. (NYSE:PAG) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 82,061 shares of the company’s stock after buying an additional 1,792 shares during the period. Gilder Gagnon Howe & Co. LLC’s holdings in Penske Automotive Group were worth $3,603,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Rothschild Asset Management Inc. acquired a new stake in shares of Penske Automotive Group during the first quarter worth $13,780,000. Norges Bank acquired a new stake in shares of Penske Automotive Group during the fourth quarter worth $10,158,000. Cambiar Investors LLC acquired a new stake in shares of Penske Automotive Group during the second quarter worth $8,031,000. Fiduciary Management Inc. WI increased its stake 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 worth $67,531,000 after buying an additional 168,845 shares during the last quarter. Finally, LSV Asset Management increased its stake 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 worth $113,093,000 after buying an additional 142,956 shares during the last quarter. Hedge funds and other institutional investors own 39.26% of the company’s stock.
Shares of Penske Automotive Group, Inc. (PAG) opened at 41.45 on Thursday. The firm has a market capitalization of $3.57 billion, a P/E ratio of 9.88 and a beta of 1.48. The stock has a 50 day moving average price of $43.38 and a 200 day moving average price of $46.36. Penske Automotive Group, Inc. has a 52 week low of $40.37 and a 52 week high of $56.05.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the company earned $1.11 earnings per share. Penske Automotive Group’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts forecast that Penske Automotive Group, Inc. will post $4.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Thursday, August 10th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.28 annualized dividend and a dividend yield of 3.09%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s payout ratio is currently 30.55%.
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A number of analysts have weighed in on PAG shares. Gabelli upgraded Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Thursday, April 27th. BidaskClub upgraded Penske Automotive Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Morgan Stanley decreased their price target on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, June 9th. ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Penske Automotive Group currently has a consensus 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 dated Thursday, June 1st. The shares were sold at an average price of $43.64, for a total value of $82,916.00. The sale was disclosed in a legal 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 dated Thursday, June 1st. The stock was sold at an average price of $42.48, for a total transaction of $474,586.56. Following the completion of the sale, 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. 40.70% of the stock is owned by 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.
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