Penske Automotive Group, Inc. (PAG) Stake Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in Penske Automotive Group, Inc. (NYSE:PAG) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 335,182 shares of the company’s stock after buying an additional 14,106 shares during the period. Bank of New York Mellon Corp owned approximately 0.39% of Penske Automotive Group worth $15,689,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PAG. Guggenheim Capital LLC raised its position in shares of Penske Automotive Group by 31.8% in the fourth quarter. Guggenheim Capital LLC now owns 15,615 shares of the company’s stock valued at $809,000 after buying an additional 3,766 shares during the period. Glen Harbor Capital Management LLC purchased a new position in shares of Penske Automotive Group during the first quarter valued at $137,000. Teachers Advisors LLC raised its position in shares of Penske Automotive Group by 8.9% in the fourth quarter. Teachers Advisors LLC now owns 41,448 shares of the company’s stock valued at $2,149,000 after buying an additional 3,387 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Penske Automotive Group during the fourth quarter valued at $3,270,000. Finally, Trexquant Investment LP purchased a new position in shares of Penske Automotive Group during the fourth quarter valued at $233,000. 38.97% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, April 26th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Penske Automotive Group had a net margin of 1.70% and a return on equity of 19.06%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Penske Automotive Group’s quarterly revenue was up 5.3% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 22nd were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Thursday, May 18th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.30. Penske Automotive Group’s payout ratio is presently 30.54%.

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PAG has been the topic of several research reports. Morgan Stanley cut their target price on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, June 9th. ValuEngine lowered Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub raised Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Gabelli raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Thursday, April 27th. Finally, Zacks Investment Research raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, April 11th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $54.00.

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 1,900 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $43.64, for a total transaction of $82,916.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Robert H. Kurnick, Jr. sold 11,172 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $42.48, for a total transaction of $474,586.56. Following the transaction, the president now directly owns 89,405 shares of the company’s stock, valued at approximately $3,797,924.40. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by insiders.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.

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