Horizon Kinetics Asset Management LLC Sells 13,536 Shares of Penske Automotive Group, Inc. $PAG

Horizon Kinetics Asset Management LLC cut its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 7.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 171,327 shares of the company’s stock after selling 13,536 shares during the quarter. Horizon Kinetics Asset Management LLC owned approximately 0.26% of Penske Automotive Group worth $29,436,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PAG. Vanguard Group Inc. increased its holdings in shares of Penske Automotive Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,004,832 shares of the company’s stock valued at $288,656,000 after acquiring an additional 5,641 shares in the last quarter. Burgundy Asset Management Ltd. lifted its holdings in shares of Penske Automotive Group by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company’s stock worth $124,331,000 after purchasing an additional 56,669 shares during the period. Goldman Sachs Group Inc. boosted its position in Penske Automotive Group by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after buying an additional 84,045 shares during the last quarter. Invesco Ltd. lifted its position in Penske Automotive Group by 3.4% during the first quarter. Invesco Ltd. now owns 223,630 shares of the company’s stock valued at $32,198,000 after purchasing an additional 7,276 shares during the period. Finally, Millennium Management LLC boosted its holdings in Penske Automotive Group by 30.9% in the first quarter. Millennium Management LLC now owns 167,905 shares of the company’s stock valued at $24,175,000 after purchasing an additional 39,622 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Stock Up 3.2%

Shares of PAG opened at $160.83 on Monday. 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 firm has a market cap of $10.59 billion, a P/E ratio of 11.32 and a beta of 0.90. The company’s 50-day moving average price is $166.83 and its 200 day moving average price is $171.50. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51.

Penske Automotive Group (NYSE:PAG) last announced its 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). Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. The firm had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the previous year, the firm earned $3.39 EPS. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share 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. Investors of record on Friday, November 14th will be issued a dividend of $1.38 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.32. The ex-dividend date is Friday, November 14th. This represents a $5.52 dividend on an annualized basis and a yield of 3.4%. Penske Automotive Group’s dividend payout ratio (DPR) is 38.85%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PAG. Citigroup upped their target price on Penske Automotive Group from $200.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Benchmark increased their price target on shares of Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Barclays began coverage on Penske Automotive Group in a research report on Tuesday, November 11th. They set an “overweight” rating and a $195.00 target price on the stock. Finally, Morgan Stanley increased their price target on Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, August 14th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group currently has an average rating of “Moderate Buy” and an average target price of $185.86.

About Penske Automotive Group

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.