Quest Partners LLC Lowers Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Quest Partners LLC trimmed its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 82.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,889 shares of the company's stock after selling 13,227 shares during the period. Quest Partners LLC's holdings in Penske Automotive Group were worth $469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its stake in shares of Penske Automotive Group by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company's stock worth $316,000 after acquiring an additional 69 shares in the last quarter. Applied Capital LLC FL raised 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 raised its stake 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 in the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of 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 acquiring an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company's stock worth $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.

Analysts Set New Price Targets

Several research firms recently commented on PAG. Stephens began coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company 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 upped their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th.

Penske Automotive Group Price Performance

PAG traded up $3.17 during midday trading on Friday, hitting $164.08. 151,405 shares of the company traded hands, compared to its average volume of 165,667. 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 market capitalization of $10.96 billion, a price-to-earnings ratio of 12.57 and a beta of 1.17. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72. The business has a 50 day simple moving average of $157.35 and a two-hundred day simple moving average of $156.57.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02). The company had revenue of $7.59 billion for the quarter, compared to analysts' expectations of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.90 earnings per share. On average, equities analysts forecast that Penske Automotive Group, Inc. will post 13.53 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm 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 dividend on an annualized basis 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 is 36.48%.

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.