Principal Financial Group Inc. Has $7.03 Million Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Principal Financial Group Inc. cut its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 32.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,310 shares of the company’s stock after selling 21,206 shares during the quarter. Principal Financial Group Inc. owned about 0.06% of Penske Automotive Group worth $7,034,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PAG. Fifth Third Bancorp boosted its position 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 valued at $56,000 after purchasing an additional 91 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group during the 2nd quarter worth approximately $69,000. Blue Trust Inc. increased its stake in shares of Penske Automotive Group by 17.5% in the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after acquiring an additional 113 shares in the last quarter. Brighton Jones LLC bought a new stake in shares of Penske Automotive Group in the 3rd quarter valued at $209,000. Finally, Cetera Advisors LLC acquired a new position in shares of Penske Automotive Group during the 1st quarter valued at $230,000. Institutional investors own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PAG. Stephens started 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. JPMorgan Chase & Co. raised their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th.

Penske Automotive Group Stock Down 0.8 %

PAG stock opened at $159.22 on Wednesday. The stock’s 50 day moving average is $156.70 and its 200-day moving average is $156.44. Penske Automotive Group, Inc. has a twelve month low of $142.32 and a twelve month high of $179.72. The firm has a market capitalization of $10.63 billion, a PE ratio of 12.20 and a beta of 1.17. 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:PAG) last posted its quarterly earnings data 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). The firm had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. Penske Automotive Group’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.90 earnings per share. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.63 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be paid a $1.19 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a yield of 2.99%. 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.