Penske Automotive Group, Inc. (NYSE:PAG) Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 6.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,842 shares of the company’s stock after acquiring an additional 295 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Penske Automotive Group were worth $722,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in Penske Automotive Group during the 4th quarter worth $929,000. Gabelli Funds LLC boosted its stake in shares of Penske Automotive Group by 6.2% during the 1st quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock worth $13,850,000 after purchasing an additional 5,000 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Penske Automotive Group by 15.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,466 shares of the company’s stock worth $4,935,000 after acquiring an additional 4,057 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Penske Automotive Group in the second quarter valued at $1,516,000. Finally, Manning & Napier Advisors LLC purchased a new stake in Penske Automotive Group in the 2nd quarter valued at about $3,742,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

PAG has been the subject of a number of research analyst reports. Bank of America increased their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. raised their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Finally, Stephens assumed coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $162.40.

Penske Automotive Group Stock Down 0.0 %

PAG stock opened at $157.60 on Thursday. Penske Automotive Group, Inc. has a twelve month low of $137.95 and a twelve month high of $179.72. The company has a market cap of $10.52 billion, a PE ratio of 10.96 and a beta of 1.16. The business’s 50-day simple moving average is $161.34 and its 200 day simple moving average is $155.42. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.39 by $0.22. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.59 billion. During the same period in the prior year, the firm earned $4.41 earnings per share. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.79 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Thursday, August 15th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.72%. Penske Automotive Group’s payout ratio is 29.76%.

Insider Activity

In related news, Director John Barr sold 716 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 51.70% of the stock is currently owned by company insiders.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.