GSA Capital Partners LLP increased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 211.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,342 shares of the company’s stock after buying an additional 19,235 shares during the quarter. GSA Capital Partners LLP’s holdings in Penske Automotive Group were worth $1,348,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PAG. The Manufacturers Life Insurance Company grew its stake in Penske Automotive Group by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after purchasing an additional 175 shares in the last quarter. Commonwealth Equity Services Inc purchased a new position in Penske Automotive Group in the third quarter valued at about $199,000. Jane Street Group LLC purchased a new position in Penske Automotive Group in the third quarter valued at about $201,000. Oppenheimer & Co. Inc. purchased a new position in Penske Automotive Group in the second quarter valued at about $206,000. Finally, Stephens Inc. AR purchased a new position in Penske Automotive Group in the third quarter valued at about $230,000. Hedge funds and other institutional investors own 41.40% of the company’s stock.
In related news, EVP Shane M. Spradlin sold 3,188 shares of the business’s 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 Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corp Penske acquired 1,103,996 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were acquired at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is currently owned by insiders.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. sell-side analysts expect that Penske Automotive Group, Inc. will post 4.3 EPS for the current fiscal year.
Penske Automotive Group declared that its board has authorized a stock repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, November 9th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s payout ratio is currently 30.99%.
A number of brokerages have commented on PAG. ValuEngine upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Berenberg Bank began coverage on Penske Automotive Group in a research note on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price on the stock. Northcoast Research initiated coverage on Penske Automotive Group in a research note on Thursday, September 28th. They issued a “buy” rating and a $56.00 target price on the stock. Zacks Investment Research raised Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Penske Automotive Group presently has an average rating of “Hold” and a consensus target price of $56.00.
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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