Penske Automotive Group, Inc. $PAG Shares Sold by Logan Capital Management Inc.

Logan Capital Management Inc. reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 31.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,348 shares of the company’s stock after selling 3,886 shares during the period. Logan Capital Management Inc.’s holdings in Penske Automotive Group were worth $1,434,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of Penske Automotive Group by 9.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company’s stock valued at $485,000 after acquiring an additional 295 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Penske Automotive Group by 15.8% in the first quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company’s stock valued at $1,729,000 after acquiring an additional 1,639 shares in the last quarter. KBC Group NV raised its stake in shares of Penske Automotive Group by 33.4% in the first quarter. KBC Group NV now owns 999 shares of the company’s stock valued at $144,000 after acquiring an additional 250 shares in the last quarter. Avantax Advisory Services Inc. acquired a new stake in shares of Penske Automotive Group in the first quarter valued at $247,000. Finally, GAMMA Investing LLC raised its stake in shares of Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock valued at $57,000 after acquiring an additional 136 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Stock Down 2.1%

PAG opened at $162.62 on Wednesday. The business’s 50-day simple moving average is $176.48 and its 200-day simple moving average is $170.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $189.51. The stock has a market capitalization of $10.74 billion, a P/E ratio of 11.32 and a beta of 0.88.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.56 by $0.22. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The business had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same quarter in the previous year, the firm earned $3.61 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. Analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th will be given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.32. The ex-dividend date is Friday, November 14th. Penske Automotive Group’s payout ratio is presently 36.74%.

Insider Transactions at Penske Automotive Group

In other news, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the sale, the director owned 1,529 shares in the company, valued at approximately $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the sale, the chief financial officer owned 18,922 shares in the company, valued at $3,454,211.10. This trade represents a 5.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 52.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on PAG. Citigroup increased their price objective on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Morgan Stanley raised their price target on Penske Automotive Group from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Benchmark raised their price target on Penske Automotive Group from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Penske Automotive Group in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $185.17.

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.