Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by State Street Corp

State Street Corp cut its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 2.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 608,307 shares of the company's stock after selling 12,117 shares during the quarter. State Street Corp owned approximately 0.91% of Penske Automotive Group worth $98,801,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cetera Advisors LLC acquired a new position in Penske Automotive Group during the 1st quarter valued at about $230,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Penske Automotive Group by 51.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,422 shares of the company's stock worth $361,000 after buying an additional 827 shares during the period. Blue Trust Inc. grew its holdings 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 buying an additional 113 shares during the last quarter. Raymond James & Associates raised its stake in Penske Automotive Group by 10.5% in the 2nd quarter. Raymond James & Associates now owns 20,671 shares of the company's stock worth $3,080,000 after acquiring an additional 1,970 shares during the last quarter. Finally, Pallas Capital Advisors LLC acquired a new stake in Penske Automotive Group during the 2nd quarter worth about $268,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on PAG shares. JPMorgan Chase & Co. upped their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a report on Tuesday, September 10th. Stephens assumed coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 price objective for the company. Benchmark began coverage on shares of Penske Automotive Group in a report on Thursday. They set a "buy" rating on the stock. Finally, Morgan Stanley raised shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $170.25.

Penske Automotive Group Price Performance

NYSE PAG traded up $1.01 during trading hours on Monday, hitting $164.27. 129,555 shares of the company's stock traded hands, compared to its average volume of 181,294. The company has a market capitalization of $10.97 billion, a PE ratio of 12.59 and a beta of 1.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72. The firm's 50-day moving average is $159.34 and its 200-day moving average is $157.80.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The firm's quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.90 EPS. Equities analysts forecast that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group's payout ratio is 36.48%.

Penske Automotive Group 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.