Bank of New York Mellon Corp increased its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 0.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 436,418 shares of the company’s stock after buying an additional 1,697 shares during the period. Bank of New York Mellon Corp owned 0.51% of Penske Automotive Group worth $20,447,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. purchased a new stake in Penske Automotive Group during the first quarter valued at about $102,000. Mount Yale Investment Advisors LLC purchased a new stake in Penske Automotive Group during the first quarter valued at about $141,000. SG Americas Securities LLC purchased a new stake in Penske Automotive Group during the first quarter valued at about $155,000. State of Alaska Department of Revenue raised its position in Penske Automotive Group by 39.8% during the second quarter. State of Alaska Department of Revenue now owns 3,913 shares of the company’s stock valued at $183,000 after purchasing an additional 1,113 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC purchased a new stake in Penske Automotive Group during the first quarter valued at about $222,000. Institutional investors and hedge funds own 43.38% of the company’s stock.
A number of equities research analysts have weighed in on the company. SunTrust Banks assumed coverage on Penske Automotive Group in a research report on Friday, August 24th. They set a “buy” rating and a $60.00 price target on the stock. Morgan Stanley raised their price target on Penske Automotive Group from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 15th. Guggenheim set a $58.00 price objective on Penske Automotive Group and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, Zacks Investment Research raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Tuesday, June 19th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Penske Automotive Group has an average rating of “Buy” and a consensus price target of $59.13.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Thursday, July 26th. The company reported $1.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.14. Penske Automotive Group had a return on equity of 17.68% and a net margin of 2.95%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same period last year, the firm earned $1.27 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. analysts anticipate that Penske Automotive Group, Inc. will post 5.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 5th. Stockholders of record on Friday, August 10th were paid a dividend of $0.36 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Thursday, August 9th. Penske Automotive Group’s dividend payout ratio (DPR) is 33.41%.
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.
Further Reading: Diversification Important in Investing
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