Donaldson Capital Management LLC lowered its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 21.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 10,635 shares of the company’s stock after selling 2,950 shares during the quarter. Donaldson Capital Management LLC’s holdings in Penske Automotive Group were worth $506,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in PAG. Northwestern Mutual Investment Management Company LLC acquired a new stake in Penske Automotive Group in the 2nd quarter valued at $14,689,000. Deprince Race & Zollo Inc. acquired a new stake in Penske Automotive Group in the 3rd quarter valued at $17,842,000. Koch Industries Inc. purchased a new position in Penske Automotive Group in the 2nd quarter valued at $315,000. Renaissance Technologies LLC lifted its holdings in Penske Automotive Group by 99.9% in the 2nd quarter. Renaissance Technologies LLC now owns 371,700 shares of the company’s stock valued at $16,321,000 after purchasing an additional 185,800 shares in the last quarter. Finally, Cambiar Investors LLC purchased a new position in Penske Automotive Group in the 2nd quarter valued at $8,031,000. 41.05% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on PAG shares. Gabelli raised their price objective on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, October 26th. KeyCorp restated a “hold” rating on shares of Penske Automotive Group in a report on Wednesday, October 4th. Zacks Investment Research upgraded Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Northcoast Research started coverage on Penske Automotive Group in a report on Thursday, September 28th. They issued a “buy” rating and a $56.00 price objective on the stock. Finally, Berenberg Bank initiated coverage on Penske Automotive Group in a report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Penske Automotive Group currently has a consensus rating of “Hold” and a consensus target price of $56.00.
In other Penske Automotive Group news, CFO John D. Jr. Carlson sold 7,000 shares of Penske Automotive Group stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the transaction, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Shane M. Spradlin sold 3,188 shares of Penske Automotive Group stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $47.41, for a total value of $151,143.08. The disclosure for this sale can be found here. Insiders own 40.70% of the company’s stock.
Shares of Penske Automotive Group, Inc. (PAG) traded up $0.31 on Friday, reaching $46.34. 437,000 shares of the company traded hands, compared to its average volume of 468,464. The stock has a market cap of $3,980.00, a price-to-earnings ratio of 10.83, a P/E/G ratio of 1.65 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 debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates 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 was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 EPS. research analysts anticipate that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current year.
Penske Automotive Group declared that its Board of Directors has approved a share buyback program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a $0.33 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Thursday, November 9th. Penske Automotive Group’s payout ratio is currently 30.91%.
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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