Keeley Teton Advisors LLC decreased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 17.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,600 shares of the company’s stock after selling 88,393 shares during the quarter. Keeley Teton Advisors LLC owned approximately 0.50% of Penske Automotive Group worth $20,198,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in PAG. The Manufacturers Life Insurance Company increased its stake in shares of Penske Automotive Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after purchasing an additional 175 shares during the last quarter. Commonwealth Equity Services Inc acquired a new position in shares of Penske Automotive Group during the 3rd quarter worth $199,000. Oppenheimer & Co. Inc. acquired a new position in shares of Penske Automotive Group during the 2nd quarter worth $206,000. Stephens Inc. AR acquired a new position in shares of Penske Automotive Group during the 3rd quarter worth $230,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Penske Automotive Group during the 3rd quarter worth $252,000. Institutional investors own 41.41% of the company’s stock.
Penske Automotive Group, Inc. (NYSE:PAG) traded down $1.38 during trading hours on Wednesday, reaching $48.28. 323,400 shares of the company were exchanged, compared to its average volume of 466,572. Penske Automotive Group, Inc. has a 1-year low of $38.33 and a 1-year high of $56.05. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. The firm has a market cap of $4,259.25, a price-to-earnings ratio of 11.69, a PEG ratio of 1.78 and a beta of 1.46.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.33 billion. During the same period last year, the business posted $1.03 EPS. Penske Automotive Group’s revenue was up 7.2% compared to the same quarter last year. equities analysts anticipate that Penske Automotive Group, Inc. will post 4.3 EPS for the current fiscal year.
Penske Automotive Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were paid a $0.33 dividend. The ex-dividend date was Thursday, November 9th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 2.73%. Penske Automotive Group’s dividend payout ratio (DPR) is presently 30.99%.
In other Penske Automotive Group news, CFO John D. Jr. Carlson sold 7,000 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the sale, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Shane M. Spradlin sold 3,188 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $47.41, for a total transaction of $151,143.08. The disclosure for this sale can be found here. Company insiders own 40.70% of the company’s stock.
PAG has been the topic of several analyst reports. ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Gabelli raised their target price on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. BidaskClub lowered shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Berenberg Bank initiated coverage on shares of Penske Automotive Group in a research note on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price on the stock. Finally, Northcoast Research initiated coverage on shares of Penske Automotive Group in a research note on Thursday, September 28th. They issued a “buy” rating and a $56.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Penske Automotive Group has a consensus rating of “Hold” and a consensus target price of $56.00.
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Penske Automotive Group 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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