Penske Automotive Group, Inc. $PAG Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lowered its position in Penske Automotive Group, Inc. (NYSE:PAG) by 12.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 22,613 shares of the company’s stock after selling 3,302 shares during the period. Nisa Investment Advisors LLC’s holdings in Penske Automotive Group were worth $3,933,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bahl & Gaynor Inc. lifted its position in Penske Automotive Group by 32.7% during the second quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock worth $21,953,000 after buying an additional 31,463 shares in the last quarter. Ethic Inc. grew its holdings in shares of Penske Automotive Group by 5.3% in the second quarter. Ethic Inc. now owns 2,110 shares of the company’s stock valued at $366,000 after purchasing an additional 106 shares during the period. Brandywine Global Investment Management LLC raised its stake in Penske Automotive Group by 6.6% during the second quarter. Brandywine Global Investment Management LLC now owns 43,906 shares of the company’s stock worth $7,543,000 after purchasing an additional 2,730 shares during the period. Allworth Financial LP grew its stake in shares of Penske Automotive Group by 3,351.1% in the 2nd quarter. Allworth Financial LP now owns 49,247 shares of the company’s stock valued at $8,461,000 after buying an additional 47,820 shares during the period. Finally, WBI Investments LLC acquired a new stake in shares of Penske Automotive Group during the 2nd quarter worth approximately $2,305,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Benchmark upped 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. Citigroup boosted their target price on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Bank of America initiated coverage on Penske Automotive Group in a report on Tuesday, December 9th. They set a “buy” rating and a $195.00 target price for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Penske Automotive Group in a research report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $184.43.

Penske Automotive Group Trading Down 0.4%

NYSE:PAG opened at $164.79 on Tuesday. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51. The firm has a market cap of $10.85 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 2.27 and a beta of 0.92. The company has a current ratio of 0.97, a quick ratio of 0.21 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $162.33 and a 200 day moving average price of $170.91.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $3.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.25). The company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.71 billion. Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. Penske Automotive Group’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.39 EPS. Sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 2nd. Investors of record on Friday, November 14th were issued a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 3.3%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.32. The ex-dividend date of this dividend was Friday, November 14th. Penske Automotive Group’s dividend payout ratio is 38.85%.

Insider Buying and Selling

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $160.17, for a total value of $336,357.00. Following the sale, the chief financial officer directly owned 16,822 shares of the company’s stock, valued at approximately $2,694,379.74. This represents a 11.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 52.40% of the stock is owned by company insiders.

About Penske Automotive Group

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.