Bank of Montreal Can decreased its position in Penske Automotive Group, Inc. (NYSE:PAG) by 1.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,737 shares of the company’s stock after selling 50 shares during the quarter. Bank of Montreal Can’s holdings in Penske Automotive Group were worth $120,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of PAG. Vanguard Group Inc. raised its stake in shares of Penske Automotive Group by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 2,731,945 shares of the company’s stock worth $127,882,000 after buying an additional 97,202 shares in the last quarter. Fiduciary Management Inc. WI raised its stake in shares of Penske Automotive Group by 13.3% in the 1st quarter. Fiduciary Management Inc. WI now owns 1,442,655 shares of the company’s stock worth $67,531,000 after buying an additional 168,845 shares in the last quarter. Sentry Investments Corp. raised its stake in shares of Penske Automotive Group by 0.6% in the 1st quarter. Sentry Investments Corp. now owns 1,179,732 shares of the company’s stock worth $55,223,000 after buying an additional 6,500 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Penske Automotive Group by 8.4% in the 1st quarter. Bank of America Corp DE now owns 677,078 shares of the company’s stock worth $31,695,000 after buying an additional 52,663 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Penske Automotive Group by 6.2% in the 1st quarter. Morgan Stanley now owns 450,757 shares of the company’s stock worth $21,099,000 after buying an additional 26,282 shares in the last quarter. Institutional investors own 39.85% of the company’s stock.
A number of analysts have recently commented on PAG shares. Morgan Stanley dropped their price objective on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, June 9th. ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub raised Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Zacks Investment Research downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research note on Monday, July 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $52.67.
In other news, EVP Claude H. Denker III sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the completion of the transaction, the executive vice president now owns 22,243 shares in the company, valued at approximately $917,968.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 40.70% of the company’s stock.
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Penske Automotive Group, Inc. (NYSE PAG) traded up 1.52% on Friday, reaching $43.33. The company had a trading volume of 401,567 shares. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 10.33 and a beta of 1.46. Penske Automotive Group, Inc. has a 12 month low of $38.33 and a 12 month high of $56.05. The firm has a 50 day moving average price of $41.89 and a 200-day moving average price of $44.55.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Thursday, July 27th. The company reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.07. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The business had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter last year, the business posted $1.11 EPS. The firm’s revenue was up 2.5% compared to the same quarter last year. Analysts forecast that Penske Automotive Group, Inc. will post $4.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Thursday, August 10th were paid a $0.32 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.31. The ex-dividend date was Tuesday, August 8th. This represents a $1.28 annualized dividend and a dividend yield of 2.95%. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.55%.
About Penske Automotive Group
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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