Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 96.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,300 shares of the company's stock after selling 84,040 shares during the period. Verition Fund Management LLC's holdings in Penske Automotive Group were worth $536,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company's stock worth $56,000 after purchasing an additional 91 shares in the last quarter. Transamerica Financial Advisors Inc. raised its stake in Penske Automotive Group by 45,300.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company's stock worth $74,000 after acquiring an additional 453 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Penske Automotive Group in the second quarter valued at $69,000. Capital Performance Advisors LLP acquired a new position in Penske Automotive Group in the third quarter valued at $112,000. Finally, 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 worth $123,000 after purchasing an additional 113 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Shares of NYSE PAG traded up $1.45 during mid-day trading on Thursday, hitting $164.95. 151,490 shares of the company were exchanged, compared to its average volume of 181,748. The stock has a 50 day simple moving average of $159.06 and a 200-day simple moving average of $157.51. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $179.72. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of 12.64 and a beta of 1.18.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued 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 company's revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $3.90 earnings per share. On average, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed 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 represents a $4.76 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Friday, November 15th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's dividend payout ratio is currently 36.48%.

Wall Street Analyst Weigh In

PAG has been the subject of a number of research analyst reports. Stephens began coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 target price for the company. Benchmark began coverage on shares of Penske Automotive Group in a report on Thursday. They issued a "buy" rating on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lifted their price objective 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Penske Automotive Group currently has an average rating of "Hold" and an average target price of $170.25.

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.