Principal Financial Group Inc. Sells 21,206 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Principal Financial Group Inc. trimmed its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 32.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 43,310 shares of the company's stock after selling 21,206 shares during the period. Principal Financial Group Inc. owned approximately 0.06% of Penske Automotive Group worth $7,034,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Fifth Third Bancorp increased its position in Penske Automotive Group by 32.2% in 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 during the period. International Assets Investment Management LLC acquired a new stake in Penske Automotive Group in the 2nd quarter valued at $69,000. Blue Trust Inc. grew its stake in shares of Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company's stock valued at $123,000 after acquiring an additional 113 shares in the last quarter. Brighton Jones LLC bought a new position in shares of Penske Automotive Group during the third quarter worth about $209,000. Finally, Cetera Advisors LLC bought a new position in shares of Penske Automotive Group during the first quarter worth about $230,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAG has been the topic of several analyst reports. Stephens initiated coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an "underweight" rating in a research note 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 objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th.

Penske Automotive Group Price Performance

NYSE:PAG traded down $3.20 on Wednesday, reaching $156.02. The stock had a trading volume of 52,556 shares, compared to its average volume of 184,283. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $179.72. The stock has a fifty day moving average price of $156.70 and a 200-day moving average price of $156.44. The company has a market capitalization of $10.42 billion, a P/E ratio of 12.20 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.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $7.67 billion. During the same period in the previous year, the company posted $3.90 EPS. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts forecast that Penske Automotive Group, Inc. will post 13.63 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be paid a $1.19 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 3.05%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.48%.

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.