HighTower Advisors LLC Trims Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

HighTower Advisors LLC reduced its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAGFree Report) by 12.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,318 shares of the company’s stock after selling 636 shares during the period. HighTower Advisors LLC’s holdings in Penske Automotive Group were worth $701,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Fifth Third Bancorp increased its stake in shares of Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after purchasing an additional 91 shares in the last quarter. International Assets Investment Management LLC bought a new position in Penske Automotive Group during the 2nd quarter valued at approximately $69,000. True Wealth Design LLC raised its stake in Penske Automotive Group by 14,833.3% during the third quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after buying an additional 445 shares during the last quarter. Transamerica Financial Advisors Inc. boosted its holdings in Penske Automotive Group by 45,300.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock worth $74,000 after acquiring an additional 453 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Penske Automotive Group in the third quarter worth $112,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Stephens initiated coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their price target for the company from $115.00 to $180.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Finally, Benchmark began coverage on Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Penske Automotive Group presently has a consensus rating of “Hold” and a consensus target price of $170.25.

Read Our Latest Analysis on PAG

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $156.52 on Thursday. The firm has a market capitalization of $10.45 billion, a PE ratio of 11.99 and a beta of 1.18. The company has a 50 day moving average price of $159.48 and a 200-day moving average price of $157.87. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $179.72. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAGGet Free Report) last announced its 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 for the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. Penske Automotive Group’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.90 earnings per share. As a group, equities research analysts expect that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th were issued a $1.19 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 3.04%. Penske Automotive Group’s dividend payout ratio is currently 36.48%.

About Penske Automotive Group

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAGFree Report).

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.