Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 64.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 705 shares of the company’s stock after selling 1,276 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Penske Automotive Group were worth $115,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAG. Fifth Third Bancorp grew its position in Penske Automotive Group by 32.2% in 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 last quarter. International Assets Investment Management LLC bought a new stake in Penske Automotive Group during the second quarter worth approximately $69,000. Blue Trust Inc. boosted its holdings in Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after buying an additional 113 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Penske Automotive Group in the 1st quarter valued at approximately $230,000. Finally, Schubert & Co purchased a new stake in shares of Penske Automotive Group in the 3rd quarter valued at approximately $267,000. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Up 0.8 %

Shares of NYSE PAG opened at $151.68 on Tuesday. The stock has a market cap of $10.13 billion, a P/E ratio of 11.62 and a beta of 1.17. The firm has a 50 day moving average price of $157.49 and a 200 day moving average price of $155.86. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.22 and a current ratio of 0.91. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.90 EPS. Analysts expect that Penske Automotive Group, Inc. will post 13.72 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a $1.19 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s payout ratio is currently 36.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Bank of America increased their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Stephens assumed coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th.

Penske Automotive Group 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.