Gamco Investors INC. ET AL trimmed its position in Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 484,364 shares of the company's stock after selling 9,934 shares during the quarter. Gamco Investors INC. ET AL owned 0.64% of Penske Automotive Group worth $45,395,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of PAG. Atlas Capital Advisors LLC purchased a new stake in Penske Automotive Group during the first quarter worth approximately $26,000. First Quadrant LLC CA acquired a new stake in Penske Automotive Group in the 1st quarter valued at $33,000. Quadrant Capital Group LLC raised its position in Penske Automotive Group by 32.8% in the first quarter. Quadrant Capital Group LLC now owns 413 shares of the company's stock valued at $39,000 after purchasing an additional 102 shares during the period. Covestor Ltd acquired a new position in shares of Penske Automotive Group during the fourth quarter worth about $55,000. Finally, GHP Investment Advisors Inc. purchased a new stake in shares of Penske Automotive Group in the first quarter worth about $54,000. 33.07% of the stock is currently owned by hedge funds and other institutional investors.
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Analysts Set New Price Targets
PAG has been the topic of several analyst reports. Bank of America dropped their target price on Penske Automotive Group from $185.00 to $182.00 and set a "buy" rating on the stock in a report on Friday, September 9th. StockNews.com cut shares of Penske Automotive Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 1st. Finally, Morgan Stanley lowered their price target on shares of Penske Automotive Group from $95.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $124.60.
Insider Activity at Penske Automotive Group
In other Penske Automotive Group news, Director John Barr sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $116.06, for a total transaction of $580,300.00. Following the transaction, the director now owns 3,683 shares of the company's stock, valued at approximately $427,448.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. 46.60% of the stock is owned by corporate insiders.
Penske Automotive Group Stock Performance
Shares of PAG opened at $106.43 on Wednesday. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 5.86, a PEG ratio of 0.96 and a beta of 1.20. The company has a quick ratio of 0.26, a current ratio of 0.98 and a debt-to-equity ratio of 0.33. The business's 50 day moving average is $114.10 and its two-hundred day moving average is $108.52. Penske Automotive Group, Inc. has a 52-week low of $88.58 and a 52-week high of $126.93.
Penske Automotive Group (NYSE:PAG – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $4.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.47 by $0.46. The business had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.07 billion. Penske Automotive Group had a net margin of 5.28% and a return on equity of 34.68%. The business's revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.47 earnings per share. Analysts forecast that Penske Automotive Group, Inc. will post 18.16 EPS for the current fiscal year.
Penske Automotive Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 10th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.99%. This is an increase from Penske Automotive Group's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, August 9th. Penske Automotive Group's dividend payout ratio (DPR) is 11.68%.
About Penske Automotive Group
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Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.
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