Comerica Bank grew its position in Penske Automotive Group, Inc. (NYSE:PAG) by 170.5% during the fourth quarter, Holdings Channel reports. The fund owned 60,377 shares of the company’s stock after acquiring an additional 38,057 shares during the quarter. Comerica Bank’s holdings in Penske Automotive Group were worth $3,254,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in PAG. Alliancebernstein L.P. increased its stake in Penske Automotive Group by 16.7% in the 2nd quarter. Alliancebernstein L.P. now owns 22,412 shares of the company’s stock worth $984,000 after acquiring an additional 3,212 shares during the last quarter. Vanguard Group Inc. increased its stake in Penske Automotive Group by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 2,783,279 shares of the company’s stock worth $122,214,000 after acquiring an additional 51,334 shares during the last quarter. Royal Bank of Canada increased its stake in Penske Automotive Group by 18.7% in the 2nd quarter. Royal Bank of Canada now owns 21,279 shares of the company’s stock worth $934,000 after acquiring an additional 3,348 shares during the last quarter. State Street Corp increased its stake in Penske Automotive Group by 1.5% in the 2nd quarter. State Street Corp now owns 621,001 shares of the company’s stock worth $27,266,000 after acquiring an additional 9,240 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Penske Automotive Group by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after acquiring an additional 175 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have issued reports on PAG shares. Zacks Investment Research raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Tuesday, December 26th. Gabelli lifted their price objective on Penske Automotive Group from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, October 26th. Bank of America lifted their price objective on Penske Automotive Group from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, ValuEngine raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $55.57.
Penske Automotive Group, Inc. (NYSE:PAG) opened at $48.13 on Monday. The company has a market capitalization of $4,130.00, a P/E ratio of 11.17, a PEG ratio of 1.22 and a beta of 1.45. The company has a quick ratio of 0.22, a current ratio of 1.01 and a debt-to-equity ratio of 0.86. Penske Automotive Group, Inc. has a 1-year low of $38.33 and a 1-year high of $54.83.
Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, February 8th. The company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.01. The firm had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.27 billion. Penske Automotive Group had a return on equity of 17.67% and a net margin of 2.87%. The company’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. research analysts forecast that Penske Automotive Group, Inc. will post 4.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Monday, February 12th will be issued a $0.34 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, February 9th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.83%. Penske Automotive Group’s payout ratio is 31.55%.
Penske Automotive Group declared that its Board of Directors has approved a share buyback program on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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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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