FMR LLC trimmed its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 3.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 151,451 shares of the company's stock after selling 4,746 shares during the period. FMR LLC owned 0.23% of Penske Automotive Group worth $24,599,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advantage Alpha Capital Partners LP bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth about $1,035,000. The Manufacturers Life Insurance Company raised its position in shares of Penske Automotive Group by 62.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company's stock worth $4,743,000 after buying an additional 11,267 shares in the last quarter. Cerity Partners LLC raised its position in shares of Penske Automotive Group by 176.1% during the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company's stock worth $2,166,000 after buying an additional 8,504 shares in the last quarter. Citigroup Inc. raised its position in shares of Penske Automotive Group by 4.1% during the 3rd quarter. Citigroup Inc. now owns 63,548 shares of the company's stock worth $10,321,000 after buying an additional 2,475 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth about $231,000. 77.08% of the stock is owned by institutional investors and hedge funds.
Penske Automotive Group Price Performance
Shares of NYSE PAG traded down $0.17 during midday trading on Tuesday, reaching $163.83. The company's stock had a trading volume of 128,538 shares, compared to its average volume of 181,958. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average price of $158.76 and a 200 day moving average price of $157.42. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $179.72. The company has a market cap of $10.94 billion, a price-to-earnings ratio of 12.55 and a beta of 1.18.
Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The business had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. During the same quarter in the previous year, the firm earned $3.90 earnings per share. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.
Penske Automotive Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were issued a dividend of $1.19 per share. The ex-dividend date was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.91%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's payout ratio is currently 36.48%.
Analyst Upgrades and Downgrades
A number of analysts have commented on PAG shares. Stephens started coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price target on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and boosted their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an "underweight" rating in a report on Tuesday, September 10th.
Read Our Latest Research Report on PAG
About Penske Automotive Group
(
Free Report)
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. 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.
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