Bank of Montreal Can Boosts Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of Montreal Can raised its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,662 shares of the company’s stock after buying an additional 258 shares during the quarter. Bank of Montreal Can’s holdings in Penske Automotive Group were worth $553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PAG. Fifth Third Bancorp grew its holdings in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Penske Automotive Group during the 2nd quarter worth about $69,000. WFA Asset Management Corp purchased a new stake in shares of Penske Automotive Group during the 1st quarter worth about $84,000. Blue Trust Inc. grew its holdings in shares of Penske Automotive Group by 17.5% during the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after purchasing an additional 113 shares during the period. Finally, Cetera Advisors LLC purchased a new stake in shares of Penske Automotive Group during the 1st quarter worth about $230,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.4 %

NYSE PAG opened at $154.91 on Wednesday. The stock has a market cap of $10.34 billion, a PE ratio of 10.77 and a beta of 1.16. Penske Automotive Group, Inc. has a fifty-two week low of $137.95 and a fifty-two week high of $179.72. The business has a 50 day moving average price of $161.72 and a two-hundred day moving average price of $155.96. 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 announced its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.39 by $0.22. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same period in the prior year, the company posted $4.41 EPS. Penske Automotive Group’s quarterly revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.82 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, August 15th. Penske Automotive Group’s dividend payout ratio is presently 29.76%.

Analysts Set New Price Targets

PAG has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th. Stephens initiated coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Finally, Bank of America upped their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $175.40.

Insider Buying and Selling at Penske Automotive Group

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

Penske Automotive Group Company Profile

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.