First Trust Advisors LP grew its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 21.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 153,607 shares of the company’s stock after purchasing an additional 27,354 shares during the period. First Trust Advisors LP owned approximately 0.18% of Penske Automotive Group worth $7,307,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. purchased a new stake in shares of Penske Automotive Group during the third quarter valued at approximately $252,000. Alpha Windward LLC grew its position in shares of Penske Automotive Group by 13.4% during the third quarter. Alpha Windward LLC now owns 11,700 shares of the company’s stock worth $557,000 after buying an additional 1,380 shares in the last quarter. Shell Asset Management Co. acquired a new stake in shares of Penske Automotive Group during the third quarter worth approximately $560,000. Lord Abbett & CO. LLC grew its position in shares of Penske Automotive Group by 1.9% during the second quarter. Lord Abbett & CO. LLC now owns 137,800 shares of the company’s stock worth $6,051,000 after buying an additional 2,600 shares in the last quarter. Finally, Phocas Financial Corp. acquired a new stake in shares of Penske Automotive Group during the second quarter worth approximately $5,091,000. Institutional investors own 41.05% of the company’s stock.
Shares of Penske Automotive Group, Inc. (NYSE:PAG) opened at $46.20 on Tuesday. The company has a market cap of $3,996.79, a PE ratio of 10.97, a price-to-earnings-growth ratio of 1.67 and a beta of 1.47. Penske Automotive Group, Inc. has a 1 year low of $38.33 and a 1 year high of $56.05. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.02. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.33 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. Penske Automotive Group’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. equities analysts anticipate that Penske Automotive Group, Inc. will post 4.31 EPS for the current year.
Penske Automotive Group announced that its board has authorized a stock buyback program on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.32 dividend on an annualized basis and a yield of 2.86%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.99%.
A number of analysts have recently weighed in on the stock. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. ValuEngine downgraded shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Wells Fargo & Company reiterated a “market perform” rating and issued a $46.00 target price (down from $54.00) on shares of Penske Automotive Group in a research note on Monday, July 17th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Berenberg Bank assumed coverage on Penske Automotive Group in a research note on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Penske Automotive Group presently has a consensus rating of “Hold” and a consensus target price of $56.00.
In other news, major shareholder Corp Penske purchased 1,103,996 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was acquired at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the purchase, the insider now owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shane M. Spradlin sold 3,188 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $47.41, for a total value of $151,143.08. The disclosure for this sale can be found here. Company insiders own 40.70% of the company’s stock.
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Penske Automotive Group 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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