Stoneridge Investment Partners LLC lowered its stake in shares of Penske Automotive Group Inc. (NYSE:PAG) by 5.0% during the second quarter, Holdings Channel reports. The institutional investor owned 34,309 shares of the company’s stock after selling 1,806 shares during the period. Stoneridge Investment Partners LLC’s holdings in Penske Automotive Group were worth $1,079,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PAG. Royce & Associates LP acquired a new stake in shares of Penske Automotive Group during the first quarter valued at about $379,000. CrestPoint Capital Management LLC raised its stake in Penske Automotive Group by 0.6% in the second quarter. CrestPoint Capital Management LLC now owns 17,500 shares of the company’s stock worth $551,000 after buying an additional 100 shares during the period. American Financial Group Inc. purchased a new stake in Penske Automotive Group during the first quarter worth $758,000. BB&T Securities LLC raised its stake in Penske Automotive Group by 1.4% in the first quarter. BB&T Securities LLC now owns 20,053 shares of the company’s stock worth $759,000 after buying an additional 284 shares during the period. Finally, Parametrica Management Ltd purchased a new stake in Penske Automotive Group during the second quarter worth $753,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.
Shares of Penske Automotive Group Inc. (NYSE:PAG) traded down 0.14% during trading on Friday, reaching $48.96. 520,004 shares of the company’s stock were exchanged. The stock has a market cap of $4.17 billion, a P/E ratio of 13.08 and a beta of 1.60. The company has a 50 day moving average of $45.17 and a 200 day moving average of $38.72. Penske Automotive Group Inc. has a 12-month low of $29.29 and a 12-month high of $51.84.
Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.02. Penske Automotive Group had a net margin of 1.65% and a return on equity of 18.75%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.17 billion. During the same quarter last year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Penske Automotive Group Inc. will post $3.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 10th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, August 8th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. Penske Automotive Group’s payout ratio is presently 29.95%.
A number of analysts recently weighed in on PAG shares. Stifel Nicolaus lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 16th. Seaport Global Securities started coverage on shares of Penske Automotive Group in a research report on Tuesday, August 9th. They issued a “neutral” rating on the stock. Gabelli lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 15th. TheStreet raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Friday, May 27th. Finally, Zacks Investment Research lowered shares of Penske Automotive Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Penske Automotive Group presently has an average rating of “Hold” and an average price target of $48.00.
In other Penske Automotive Group news, major shareholder Corp Penske purchased 220,632 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were purchased at an average cost of $39.35 per share, for a total transaction of $8,681,869.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 4,900 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.31, for a total transaction of $236,719.00. The disclosure for this sale can be found here. Corporate insiders own 37.20% of the company’s stock.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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