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Penske Automotive Group, Inc. (NYSE:PAG) Shares Acquired by Allworth Financial LP

Defense World · Sep 26, 2022 05:02

Allworth Financial LP grew its position in Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) by 14.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,915 shares of the company's stock after purchasing an additional 244 shares during the period. Allworth Financial LP's holdings in Penske Automotive Group were worth $200,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PAG. JPMorgan Chase & Co. increased its holdings in shares of Penske Automotive Group by 92.3% in the fourth quarter. JPMorgan Chase & Co. now owns 117,429 shares of the company's stock valued at $12,591,000 after purchasing an additional 56,361 shares during the period. Barclays PLC increased its holdings in shares of Penske Automotive Group by 32.8% in the fourth quarter. Barclays PLC now owns 49,781 shares of the company's stock valued at $5,338,000 after purchasing an additional 12,305 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Penske Automotive Group by 77.4% in the fourth quarter. Cubist Systematic Strategies LLC now owns 65,723 shares of the company's stock valued at $7,047,000 after purchasing an additional 28,669 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Penske Automotive Group by 4.7% in the fourth quarter. Mackenzie Financial Corp now owns 96,520 shares of the company's stock worth $10,349,000 after buying an additional 4,300 shares during the last quarter. Finally, Shellback Capital LP purchased a new stake in shares of Penske Automotive Group in the fourth quarter worth about $3,259,000. 33.07% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Bank of America lowered their target price on Penske Automotive Group from $185.00 to $182.00 and set a "buy" rating on the stock in a research note on Friday, September 9th. StockNews.com downgraded Penske Automotive Group from a "strong-buy" rating to a "buy" rating in a research note on Monday, August 1st. Finally, Morgan Stanley lowered their target price on Penske Automotive Group from $95.00 to $93.00 and set an "underweight" rating on the stock in a research note on Thursday, July 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $124.60.

Insiders Place Their Bets

In other Penske Automotive Group news, Director John Barr sold 5,000 shares of the business's 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 completion of the sale, the director now directly owns 3,683 shares in the company, valued at approximately $427,448.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. 46.60% of the stock is owned by company insiders.

Penske Automotive Group Stock Performance

NYSE PAG opened at $100.37 on Monday. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 5.53, a PEG ratio of 0.95 and a beta of 1.20. Penske Automotive Group, Inc. has a twelve month low of $88.58 and a twelve month high of $126.93. The company has a current ratio of 0.98, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average of $113.71 and a 200 day moving average of $108.88.

Penske Automotive Group (NYSE:PAG – Get Rating) last released its quarterly 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 return on equity of 34.68% and a net margin of 5.28%. The company had revenue of $6.91 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the prior year, the firm posted $4.47 EPS. Penske Automotive Group's quarterly revenue was down 1.2% compared to the same quarter last year. Sell-side analysts anticipate that Penske Automotive Group, Inc. will post 18.16 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Wednesday, August 10th were paid a dividend of $0.53 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.11%. The ex-dividend date was Tuesday, August 9th. Penske Automotive Group's payout ratio is 11.68%.

Penske Automotive Group Company 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.