Principal Financial Group Inc. Cuts Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Principal Financial Group Inc. lessened 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 Securities & Exchange Commission. The institutional investor 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 institutional investors and hedge funds also recently made changes to their positions in PAG. CIBC Asset Management Inc lifted its stake in shares of Penske Automotive Group by 3.7% during the third quarter. CIBC Asset Management Inc now owns 1,946 shares of the company's stock valued at $316,000 after acquiring an additional 69 shares during the period. Applied Capital LLC FL lifted its position in 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 buying an additional 77 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Penske Automotive Group by 0.5% during the third quarter. Quantinno Capital Management LP now owns 16,648 shares of the company's stock worth $2,704,000 after buying an additional 82 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Penske Automotive Group by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company's stock worth $838,000 after acquiring an additional 84 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC boosted its holdings in shares of Penske Automotive Group by 5.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company's stock worth $277,000 after acquiring an additional 84 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Shares of NYSE PAG traded down $1.15 during midday trading on Wednesday, hitting $152.44. The company's stock had a trading volume of 116,650 shares, compared to its average volume of 181,808. 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 firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of 11.68 and a beta of 1.18. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $179.72. The stock has a fifty day moving average price of $159.71 and a 200 day moving average price of $158.31.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released 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). The company had revenue of $7.59 billion during the quarter, compared to analysts' expectations of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. Penske Automotive Group's quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $3.90 EPS. On average, research analysts forecast that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were issued a dividend of $1.19 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Friday, November 15th. Penske Automotive Group's dividend payout ratio is currently 36.48%.

Analyst Upgrades and Downgrades

PAG has been the topic of a number of recent analyst reports. Benchmark started coverage on Penske Automotive Group in a research report on Thursday, December 12th. They issued a "buy" rating on the stock. Stephens started coverage on Penske Automotive Group in a research note on Thursday, September 12th. They set an "equal weight" rating and a $161.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a report on Tuesday, September 10th. Finally, Morgan Stanley upgraded Penske Automotive Group from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $170.25.

Penske Automotive Group Company Profile

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.