Kendall Capital Management Lowers Position in Penske Automotive Group, Inc. (NYSE:PAG)

Kendall Capital Management lowered its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 18.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,720 shares of the company's stock after selling 1,725 shares during the quarter. Kendall Capital Management's holdings in Penske Automotive Group were worth $1,177,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealthspire Advisors LLC increased its holdings in Penske Automotive Group by 2.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company's stock worth $417,000 after purchasing an additional 63 shares in the last quarter. CIBC Asset Management Inc raised its position in Penske Automotive Group by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company's stock valued at $316,000 after buying an additional 69 shares during the last quarter. Blue Chip Partners LLC raised its position in Penske Automotive Group by 0.7% in the 4th quarter. Blue Chip Partners LLC now owns 10,606 shares of the company's stock valued at $1,617,000 after buying an additional 73 shares during the last quarter. GAMMA Investing LLC lifted its stake in Penske Automotive Group by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 262 shares of the company's stock valued at $40,000 after acquiring an additional 81 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Penske Automotive Group by 0.5% during the 3rd quarter. Quantinno Capital Management LP now owns 16,648 shares of the company's stock worth $2,704,000 after acquiring an additional 82 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Remove Ads

Penske Automotive Group Stock Performance

NYSE PAG traded down $2.69 during trading on Wednesday, hitting $157.39. 269,433 shares of the company's stock traded hands, compared to its average volume of 176,975. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of 11.45 and a beta of 1.24. Penske Automotive Group, Inc. has a 12-month low of $142.32 and a 12-month high of $180.12. The business has a 50 day moving average of $163.21 and a 200-day moving average of $160.68.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating analysts' consensus estimates of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.72 billion for the quarter, compared to analysts' expectations of $7.56 billion. As a group, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were issued a dividend of $1.22 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. This represents a $4.88 dividend on an annualized basis and a yield of 3.10%. Penske Automotive Group's dividend payout ratio is 35.49%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PAG shares. StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Benchmark began coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a "buy" rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Penske Automotive Group from $160.00 to $165.00 and gave the stock an "underweight" rating in a report on Wednesday, February 19th. Finally, Stephens restated an "equal weight" rating and set a $165.00 price target on shares of Penske Automotive Group in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Penske Automotive Group has an average rating of "Moderate Buy" and a consensus price target of $172.50.

Insider Buying and Selling

In other news, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the sale, the executive vice president now directly owns 28,917 shares of the company's stock, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 51.70% of the stock is currently owned by insiders.

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.