Principal Financial Group Inc. Sells 21,206 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Principal Financial Group Inc. decreased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 32.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,310 shares of the company’s stock after selling 21,206 shares during the period. Principal Financial Group Inc. owned approximately 0.06% of Penske Automotive Group worth $7,034,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PAG. International Assets Investment Management LLC purchased a new position in Penske Automotive Group during the 2nd quarter valued at approximately $69,000. True Wealth Design LLC grew its holdings in shares of Penske Automotive Group by 14,833.3% in the third quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after purchasing an additional 445 shares in the last quarter. Transamerica Financial Advisors Inc. increased its position 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 purchasing an additional 453 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Penske Automotive Group during the third quarter valued at $94,000. Finally, Capital Performance Advisors LLP bought a new position in Penske Automotive Group during the third quarter valued at $112,000. 77.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PAG. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company. Finally, Benchmark assumed coverage on Penske Automotive Group in a report on Thursday, December 12th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $170.25.

Penske Automotive Group Price Performance

PAG opened at $152.44 on Wednesday. The business has a fifty day moving average of $159.70 and a 200 day moving average of $158.35. The stock has a market cap of $10.18 billion, a P/E ratio of 11.68 and a beta of 1.18. 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, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period in the prior year, the firm posted $3.90 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were given a dividend of $1.19 per share. The ex-dividend date was Friday, November 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.12%. Penske Automotive Group’s dividend payout ratio (DPR) is 36.48%.

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.