Advisor Group Holdings Inc. Reduces Equity Position in Penske Automotive Group, Inc. (NYSE:PAG)
Advisor Group Holdings Inc. reduced its stake in Penske Automotive Group, Inc. (New York Stock Exchange: PAG – Get a rating) by 24.0% in Q1, according to the company in its most recent Form 13F filing with the SEC. The company held 9,707 shares of the company after selling 3,057 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Penske Automotive Group were worth $899,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also changed their positions in PAG. Burgundy Asset Management Ltd. increased its stake in Penske Automotive Group by 1.3% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,746,133 shares of the company valued at $187,220,000 after acquiring an additional 22,594 shares last quarter. JPMorgan Chase & Co. increased its stake in Penske Automotive Group to 92.3% in the fourth quarter. JPMorgan Chase & Co. now owns 117,429 shares of the company valued at $12,591,000 after acquiring an additional 56,361 shares last quarter. Mackenzie Financial Corp increased its stake in Penske Automotive Group by 4.7% in the fourth quarter. Mackenzie Financial Corp now owns 96,520 shares of the company valued at $10,349,000 after acquiring an additional 4,300 shares last quarter. Cubist Systematic Strategies LLC increased its stake in Penske Automotive Group by 77.4% in the fourth quarter. Cubist Systematic Strategies LLC now owns 65,723 shares of the company valued at $7,047,000 after acquiring an additional 28,669 shares last quarter. Finally, Empowered Funds LLC acquired a new stake in Penske Automotive Group in the fourth quarter valued at approximately $7,014,000. Hedge funds and other institutional investors own 50.13% of the company’s shares.
Insider activity
In other news, Director John Barr sold 5,000 shares of Penske Automotive Group in a trade on Tuesday, August 2. The shares were sold at an average price of $116.06, for a total value of $580,300.00. As a result of the transaction, the administrator now directly owns 3,683 shares of the company, valued at approximately $427,448.98. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Company insiders hold 46.60% of the company’s shares.
Penske Automotive Group Stock up 1.2%
Action PAG opened at $120.22 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.26 and a debt ratio of 0.33. Penske Automotive Group, Inc. has a 12-month low of $85.28 and a 12-month high of $126.93. The company’s 50-day moving average is $111.85 and its two-hundred-day moving average is $106.84. The stock has a market capitalization of $8.92 billion, a P/E ratio of 6.62, a PEG ratio of 1.02 and a beta of 1.23.
Penske Automotive Group (New York Stock Exchange: PAG – Get a rating) last released its quarterly earnings data on Wednesday, July 27. The company reported earnings per share of $4.93 for the quarter, beating analyst consensus estimates of $4.47 by $0.46. The company posted revenue of $6.91 billion for the quarter, versus $7.07 billion expected by analysts. Penske Automotive Group achieved a net margin of 5.28% and a return on equity of 34.68%. The company’s revenue for the quarter was down 1.2% year over year. In the same quarter last year, the company earned earnings per share of $4.47. Research analysts expect Penske Automotive Group, Inc. to post earnings per share of 18.16 for the current fiscal year.
Penske Automotive Group increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1. Shareholders of record on Wednesday, August 10 will receive a dividend of $0.53. This represents a dividend of $2.12 on an annualized basis and a dividend yield of 1.76%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.50. The ex-date of this dividend is Tuesday, August 9. Penske Automotive Group’s payout ratio is currently 11.68%.
Wall Street analysts predict growth
Several analysts have recently weighed in on PAG shares. Morgan Stanley cut its price target on shares of Penske Automotive Group from $95.00 to $93.00 and set an “underweight” rating on the stock in a report Thursday, July 14. StockNews.com cut shares of Penske Automotive Group from a “strong buy” rating to a “buy” rating in a Monday, Aug. 1, report. One analyst rated the security with a sell rating, one assigned a hold rating and three assigned a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $110.25.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc., a diversified transportation services company, operates automobile and commercial truck dealerships. The Company operates through four segments: Automotive Retail, Commercial Truck Retail, Other and Non-Automotive Investments. It operates dealerships under franchise agreements with various automobile manufacturers and distributors.
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