Paragon Capital Management Ltd lessened its holdings in Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) by 15.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,123 shares of the company's stock after selling 389 shares during the period. Paragon Capital Management Ltd's holdings in Penske Automotive Group were worth $222,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PAG. TKG Advisors LLC bought a new stake in Penske Automotive Group during the 2nd quarter valued at $604,000. Allworth Financial LP grew its position in Penske Automotive Group by 14.6% in the second quarter. Allworth Financial LP now owns 1,915 shares of the company's stock worth $200,000 after acquiring an additional 244 shares in the last quarter. Symmetry Partners LLC grew its position in Penske Automotive Group by 2.6% in the second quarter. Symmetry Partners LLC now owns 9,500 shares of the company's stock worth $995,000 after acquiring an additional 244 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Penske Automotive Group in the first quarter worth $431,000. Finally, Bank of America Corp DE boosted its position in Penske Automotive Group by 3.0% during the first quarter. Bank of America Corp DE now owns 749,465 shares of the company's stock valued at $70,240,000 after buying an additional 21,493 shares during the period. Hedge funds and other institutional investors own 33.07% of the company's stock.
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Analyst Ratings Changes
Several analysts have issued reports on PAG shares. StockNews.com lowered shares of Penske Automotive Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 1st. Bank of America cut their price target on shares of Penske Automotive Group from $185.00 to $182.00 and set a "buy" rating for the company in a research report on Friday, September 9th. Finally, Morgan Stanley cut 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 research report on Thursday, July 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Penske Automotive Group has an average rating of "Moderate Buy" and an average price target of $124.60.
Penske Automotive Group Trading Down 3.1 %
Shares of Penske Automotive Group stock traded down $3.16 during trading on Friday, reaching $100.37. 748,803 shares of the stock were exchanged, compared to its average volume of 441,438. 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 stock's fifty day moving average is $113.71 and its 200 day moving average is $108.82. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 5.53, a price-to-earnings-growth ratio of 0.95 and a beta of 1.20. Penske Automotive Group, Inc. has a 1 year low of $88.58 and a 1 year high of $126.93.
Penske Automotive Group (NYSE:PAG – Get Rating) last posted its earnings results on Wednesday, July 27th. The company reported $4.93 earnings per share for the quarter, topping analysts' consensus estimates of $4.47 by $0.46. Penske Automotive Group had a net margin of 5.28% and a return on equity of 34.68%. The company had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the business posted $4.47 earnings per share. Penske Automotive Group's revenue for the quarter was down 1.2% on a year-over-year basis. As a group, equities research analysts expect that Penske Automotive Group, Inc. will post 18.16 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend
The business 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 is an increase from Penske Automotive Group's previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Tuesday, August 9th. Penske Automotive Group's dividend payout ratio is presently 11.68%.
Insider Buying and Selling
In related news, Director John Barr sold 5,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $116.06, for a total value of $580,300.00. Following the completion of the transaction, the director now directly owns 3,683 shares of the company's stock, valued at $427,448.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 46.60% of the stock is owned by insiders.
Penske Automotive Group Profile
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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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