Fiduciary Management Inc. WI grew its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 26.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,849,553 shares of the company’s stock after purchasing an additional 391,808 shares during the quarter. Fiduciary Management Inc. WI owned approximately 2.16% of Penske Automotive Group worth $87,983,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in PAG. Northwestern Mutual Investment Management Company LLC bought a new stake in shares of Penske Automotive Group during the 2nd quarter valued at about $14,689,000. Deprince Race & Zollo Inc. bought a new stake in shares of Penske Automotive Group during the 3rd quarter valued at about $17,842,000. Koch Industries Inc. bought a new stake in shares of Penske Automotive Group during the 2nd quarter valued at about $315,000. SG Capital Management LLC bought a new stake in shares of Penske Automotive Group during the 3rd quarter valued at about $15,129,000. Finally, Renaissance Technologies LLC grew its position in shares of Penske Automotive Group by 99.9% during the 2nd quarter. Renaissance Technologies LLC now owns 371,700 shares of the company’s stock valued at $16,321,000 after buying an additional 185,800 shares during the last quarter. 41.41% of the stock is owned by institutional investors and hedge funds.
In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,188 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $47.41, for a total value of $151,143.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corp Penske bought 1,103,996 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was purchased at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is currently owned by corporate insiders.
Penske Automotive Group, Inc. (NYSE:PAG) traded down $1.38 during midday trading on Wednesday, reaching $48.28. 323,400 shares of the company’s stock traded hands, compared to its average volume of 466,572. Penske Automotive Group, Inc. has a 1 year low of $38.33 and a 1 year high of $56.05. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. The company has a market cap of $4,259.25, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.78 and a beta of 1.46.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. Penske Automotive Group’s quarterly revenue was up 7.2% on a year-over-year basis. equities research analysts anticipate that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current year.
Penske Automotive Group declared that its board has approved a stock repurchase program on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were given a $0.33 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 2.73%. Penske Automotive Group’s dividend payout ratio is 30.99%.
PAG has been the subject of a number of recent research reports. ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Gabelli boosted their price objective on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Berenberg Bank initiated coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price objective for the company. Finally, Northcoast Research initiated coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Penske Automotive Group has an average rating of “Hold” and an average target price of $56.00.
About Penske Automotive Group
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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