Oppenheimer & Co. Inc. acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,700 shares of the company’s stock, valued at approximately $206,000.
A number of other large investors have also added to or reduced their stakes in the business. Bruni J V & Co. Co. raised its position in Penske Automotive Group by 3.9% in the second quarter. Bruni J V & Co. Co. now owns 176,138 shares of the company’s stock worth $7,734,000 after acquiring an additional 6,534 shares in the last quarter. Pacer Advisors Inc. raised its position in Penske Automotive Group by 11.9% in the second quarter. Pacer Advisors Inc. now owns 5,854 shares of the company’s stock worth $257,000 after acquiring an additional 624 shares in the last quarter. Airain ltd purchased a new position in Penske Automotive Group in the second quarter worth $315,000. American Century Companies Inc. raised its position in Penske Automotive Group by 50.6% in the second quarter. American Century Companies Inc. now owns 340,290 shares of the company’s stock worth $14,942,000 after acquiring an additional 114,386 shares in the last quarter. Finally, Blue Chip Partners Inc. raised its position in Penske Automotive Group by 19.5% in the second quarter. Blue Chip Partners Inc. now owns 33,344 shares of the company’s stock worth $1,464,000 after acquiring an additional 5,447 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.
Several research analysts have issued reports on the company. Wells Fargo & Company reiterated a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. BidaskClub upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. ValuEngine cut Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, Morgan Stanley cut their price objective on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $52.67.
In other news, EVP Claude H. Denker III sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the sale, the executive vice president now owns 22,243 shares of the company’s stock, valued at approximately $917,968.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 40.70% of the stock is currently owned by insiders.
Penske Automotive Group, Inc. (PAG) opened at 44.66 on Friday. The stock has a market cap of $3.84 billion, a PE ratio of 10.65 and a beta of 1.46. Penske Automotive Group, Inc. has a 12 month low of $38.33 and a 12 month high of $56.05. The stock has a 50 day moving average price of $41.94 and a 200-day moving average price of $44.11.
Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Thursday, July 27th. The company reported $1.27 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.07. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The company had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the previous year, the business earned $1.11 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, analysts expect that Penske Automotive Group, Inc. will post $4.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Thursday, August 10th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Tuesday, August 8th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s payout ratio is currently 30.55%.
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Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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