Cambiar Investors LLC lifted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 59.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 291,868 shares of the company’s stock after purchasing an additional 108,972 shares during the quarter. Cambiar Investors LLC owned about 0.34% of Penske Automotive Group worth $13,884,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of PAG. Northwestern Mutual Investment Management Company LLC bought a new stake in shares of Penske Automotive Group during the second quarter valued at about $14,689,000. Koch Industries Inc. bought a new stake in shares of Penske Automotive Group during the second quarter valued at about $315,000. Renaissance Technologies LLC raised its position in Penske Automotive Group by 99.9% in the second quarter. Renaissance Technologies LLC now owns 371,700 shares of the company’s stock worth $16,321,000 after acquiring an additional 185,800 shares in the last quarter. Victory Capital Management Inc. raised its position in Penske Automotive Group by 54.6% in the second quarter. Victory Capital Management Inc. now owns 480,010 shares of the company’s stock worth $21,077,000 after acquiring an additional 169,550 shares in the last quarter. Finally, Marshall Wace North America L.P. raised its position in Penske Automotive Group by 533.7% in the second quarter. Marshall Wace North America L.P. now owns 164,293 shares of the company’s stock worth $7,229,000 after acquiring an additional 138,366 shares in the last quarter. Institutional investors and hedge funds own 41.05% of the company’s stock.
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Penske Automotive Group, Inc. (NYSE:PAG) traded down $0.40 during midday trading on Tuesday, reaching $46.20. The company’s stock had a trading volume of 476,400 shares, compared to its average volume of 469,011. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. The firm has a market cap of $3,996.79, a P/E ratio of 10.97, a PEG ratio of 1.67 and a beta of 1.47. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $56.05.
Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.33 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. research analysts forecast that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.86%. The ex-dividend date is Thursday, November 9th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s payout ratio is presently 30.99%.
Penske Automotive Group declared that its board has authorized a stock buyback plan on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several equities research analysts have commented on PAG shares. Gabelli boosted their price target on shares of Penske Automotive Group from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, October 26th. KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Northcoast Research started coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They issued a “buy” rating and a $56.00 price target on the stock. Finally, Berenberg Bank started coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Penske Automotive Group currently has an average rating of “Hold” and an average target price of $56.00.
In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,188 shares of Penske Automotive Group stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $47.41, for a total transaction of $151,143.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Penske bought 1,103,996 shares of the stock in a transaction on Friday, October 20th. The shares were acquired at an average cost of $45.29 per share, for a total transaction of $49,999,978.84. Following the purchase, the insider now owns 11,564,576 shares in the company, valued at $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is currently owned by insiders.
About Penske Automotive Group
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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