Gabelli Funds LLC raised its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 158,100 shares of the company’s stock after acquiring an additional 11,091 shares during the quarter. Gabelli Funds LLC owned approximately 0.18% of Penske Automotive Group worth $7,521,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. IFP Advisors Inc grew its position in shares of Penske Automotive Group by 0.6% during the second quarter. IFP Advisors Inc now owns 18,404 shares of the company’s stock valued at $808,000 after purchasing an additional 109 shares in the last quarter. Lowe Brockenbrough & Co. Inc. grew its position in Penske Automotive Group by 0.6% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 24,585 shares of the company’s stock worth $1,080,000 after acquiring an additional 135 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Penske Automotive Group by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after acquiring an additional 175 shares in the last quarter. Amalgamated Bank grew its position in Penske Automotive Group by 3.4% in the first quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock worth $258,000 after acquiring an additional 180 shares in the last quarter. Finally, Alpha Windward LLC grew its position in Penske Automotive Group by 2.6% in the second quarter. Alpha Windward LLC now owns 10,320 shares of the company’s stock worth $453,000 after acquiring an additional 265 shares in the last quarter. 40.22% of the stock is currently owned by institutional investors and hedge funds.
PAG has been the subject of several recent analyst reports. Gabelli boosted their target price on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. KeyCorp restated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Northcoast Research began coverage on Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 target price for the company. Finally, Berenberg Bank began coverage on shares of Penske Automotive Group in a research note on Wednesday, October 4th. They set a “hold” rating and a $52.00 price target for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $56.00.
In related news, major shareholder Corp Penske acquired 1,103,996 shares of the company’s stock in a transaction dated Friday, October 20th. The shares were purchased at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the completion of the acquisition, the insider now directly owns 11,564,576 shares of the company’s stock, valued at $523,759,647.04. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Shane M. Spradlin sold 3,188 shares of the business’s 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. 40.70% of the stock is currently owned by insiders.
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Penske Automotive Group, Inc. (NYSE:PAG) opened at $46.60 on Friday. The company has a market cap of $3,996.79, a P/E ratio of 10.96, a P/E/G ratio of 1.67 and a beta of 1.47. Penske Automotive Group, Inc. has a 12 month low of $38.33 and a 12 month 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.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. Penske Automotive Group’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share. analysts forecast that Penske Automotive Group, Inc. will post 4.31 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 buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be issued a $0.33 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, November 9th. Penske Automotive Group’s payout ratio is currently 30.99%.
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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