Ontario Teachers Pension Plan Board Trims Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Ontario Teachers Pension Plan Board cut its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 63.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,288 shares of the company's stock after selling 5,618 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Penske Automotive Group were worth $534,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. CIBC Asset Management Inc lifted its holdings in Penske Automotive Group by 3.7% in the third quarter. CIBC Asset Management Inc now owns 1,946 shares of the company's stock worth $316,000 after acquiring an additional 69 shares during the last quarter. Applied Capital LLC FL boosted its stake in shares of Penske Automotive Group by 0.4% during the 3rd quarter. Applied Capital LLC FL now owns 21,176 shares of the company's stock worth $3,439,000 after acquiring an additional 77 shares in the last quarter. Arizona State Retirement System lifted its stake in Penske Automotive Group by 1.5% during the second quarter. Arizona State Retirement System now owns 5,626 shares of the company's stock valued at $838,000 after buying an additional 84 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its position in Penske Automotive Group by 5.2% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company's stock worth $277,000 after purchasing an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company's stock valued at $56,000 after acquiring an additional 91 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Up 1.9 %

NYSE:PAG traded up $3.11 on Friday, hitting $164.02. The stock had a trading volume of 151,050 shares, compared to its average volume of 184,367. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $179.72. The company has a market cap of $10.95 billion, a PE ratio of 12.60 and a beta of 1.17. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The business's fifty day moving average is $157.11 and its 200 day moving average is $156.48.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly 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 net margin of 2.91% and a return on equity of 18.38%. The firm had revenue of $7.59 billion for the quarter, compared to analysts' expectations of $7.67 billion. During the same period in the prior year, the company earned $3.90 EPS. The firm's quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts expect that Penske Automotive Group, Inc. will post 13.63 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 2.90%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.48%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PAG shares. Stephens initiated 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 target price for the company. JPMorgan Chase & Co. lifted 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. Finally, Morgan Stanley raised shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and lifted their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th.

About Penske Automotive Group

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.