Keybank National Association OH purchased a new stake in Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,500 shares of the company’s stock, valued at approximately $500,000.
Other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in Penske Automotive Group by 0.6% during the 2nd quarter. IFP Advisors Inc now owns 18,404 shares of the company’s stock worth $808,000 after purchasing an additional 109 shares in the last quarter. Lowe Brockenbrough & Co. Inc. raised its position in shares of Penske Automotive Group by 0.6% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 24,585 shares of the company’s stock valued at $1,080,000 after buying an additional 135 shares in the last quarter. The Manufacturers Life Insurance Company increased 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 acquiring an additional 175 shares during the last quarter. Amalgamated Bank grew its stake in shares of Penske Automotive Group by 3.4% during the first quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock worth $258,000 after buying an additional 180 shares during the last quarter. Finally, Alpha Windward LLC grew its stake in shares of Penske Automotive Group by 2.6% during the second quarter. Alpha Windward LLC now owns 10,320 shares of the company’s stock worth $453,000 after buying an additional 265 shares during the last quarter. Institutional investors own 41.05% of the company’s stock.
Shares of Penske Automotive Group, Inc. (NYSE PAG) opened at $46.34 on Friday. The stock has a market cap of $3,947.05, a PE ratio of 10.83, a P/E/G ratio of 1.65 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group, Inc. has a fifty-two week low of $38.33 and a fifty-two week high of $56.05.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.02. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. equities analysts predict that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current year.
Penske Automotive Group declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.85%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, November 9th. Penske Automotive Group’s dividend payout ratio (DPR) is 30.99%.
PAG has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Berenberg Bank started coverage on shares of Penske Automotive Group in a report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price on the stock. Finally, Northcoast Research assumed coverage on shares of Penske Automotive Group in a report on Thursday, September 28th. They issued a “buy” rating and a $56.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $56.00.
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In other news, CFO John D. Jr. Carlson sold 7,000 shares of Penske Automotive Group stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the sale, the chief financial officer now directly owns 24,844 shares in the company, valued at $1,147,792.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Corp Penske acquired 1,103,996 shares of the stock in a transaction on Friday, October 20th. The shares were purchased at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the completion of the transaction, the insider now owns 11,564,576 shares of the company’s stock, valued at $523,759,647.04. The disclosure for this purchase can be found here. Company insiders own 40.70% of the company’s stock.
Penske Automotive Group 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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