The Manufacturers Life Insurance Company Trims Position in Penske Automotive Group, Inc. (NYSE:PAG)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,932 shares of the company’s stock after selling 394 shares during the period. The Manufacturers Life Insurance Company’s holdings in Penske Automotive Group were worth $2,672,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Fifth Third Bancorp grew its position in 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 acquired a new stake in Penske Automotive Group during the second quarter worth about $69,000. WFA Asset Management Corp purchased a new position in Penske Automotive Group during the first quarter valued at approximately $84,000. Blue Trust Inc. lifted its holdings in Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after acquiring an additional 113 shares during the period. Finally, Cetera Advisors LLC purchased a new stake in Penske Automotive Group in the 1st quarter worth approximately $230,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 51.70% of the stock is currently owned by corporate insiders.

Penske Automotive Group Stock Down 0.4 %

PAG stock opened at $154.91 on Wednesday. Penske Automotive Group, Inc. has a 52 week low of $137.95 and a 52 week high of $179.72. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $161.72 and a 200-day simple moving average of $155.96. The stock has a market capitalization of $10.34 billion, a P/E ratio of 10.77 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, topping the consensus estimate of $3.39 by $0.22. The company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. Penske Automotive Group’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $4.41 EPS. Equities analysts forecast that Penske Automotive Group, Inc. will post 13.82 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on PAG. Bank of America raised their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Stephens initiated coverage on Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $175.40.

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.