Freestone Capital Holdings LLC Buys Shares of 11,933 Penske Automotive Group, Inc. (NYSE:PAG)

Freestone Capital Holdings LLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,933 shares of the company’s stock, valued at approximately $524,000.

Several other large investors also recently modified their holdings of PAG. Canada Pension Plan Investment Board lifted its holdings in Penske Automotive Group by 100.0% during the second quarter. Canada Pension Plan Investment Board now owns 23,800 shares of the company’s stock valued at $1,045,000 after purchasing an additional 11,900 shares during the last quarter. Glen Harbor Capital Management LLC purchased a new stake in shares of Penske Automotive Group in the first quarter worth about $137,000. Northwestern Mutual Investment Management Company LLC purchased a new stake in shares of Penske Automotive Group in the second quarter worth about $14,689,000. Clinton Group Inc. purchased a new stake in shares of Penske Automotive Group in the first quarter worth about $3,491,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Penske Automotive Group by 1.0% in the first quarter. Parametric Portfolio Associates LLC now owns 60,551 shares of the company’s stock worth $2,834,000 after buying an additional 608 shares in the last quarter. 39.85% of the stock is currently owned by institutional investors.

PAG has been the subject of a number of analyst reports. BidaskClub raised Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Morgan Stanley dropped their price target on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, June 9th. ValuEngine lowered Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $52.67.

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Penske Automotive Group, Inc. (PAG) opened at 44.91 on Friday. The stock’s 50 day moving average price is $41.93 and its 200 day moving average price is $44.28. Penske Automotive Group, Inc. has a one year low of $38.33 and a one year high of $56.05. The company has a market capitalization of $3.86 billion, a P/E ratio of 10.71 and a beta of 1.46.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, July 27th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.07. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The firm had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the previous year, the firm posted $1.11 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts anticipate that Penske Automotive Group, Inc. will post $4.31 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Thursday, August 10th were paid a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.28 dividend on an annualized basis and a yield of 2.85%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s dividend payout ratio is presently 30.55%.

In related news, EVP Claude H. Denker III sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the sale, the executive vice president now owns 22,243 shares of the company’s stock, valued at approximately $917,968.61. The transaction was disclosed in a filing with the SEC, which is available through this link. 40.70% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

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