2 weeks Ago By ABMN Staff
Wells Fargo & Company MN lowered its stake in shares of Penske Automotive Group, Inc. ( NYSE:PAG – Free Report ) by 5.0% during the fourth quarter, HoldingsChannel.
com reports. The institutional investor owned 13,713 shares of the company’s stock after selling 715 shares during the quarter. Wells Fargo & Company MN’s holdings in Penske Automotive Group were worth $2,090,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in PAG. Norges Bank acquired a new position in shares of Penske Automotive Group during the 4th quarter valued at about $22,049,000. Moran Wealth Management LLC acquired a new position in Penske Automotive Group in the 4th quarter valued at about $14,157,000.
Bank of New York Mellon Corp grew its stake in shares of Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock valued at $40,179,000 after buying an additional 51,720 shares during the period.
American Century Companies Inc. grew its stake in shares of Penske Automotive Group by 17.4% in the 4th quarter.
American Century Companies Inc. now owns 259,513 shares of the company’s stock valued at $39,560,000 after buying an additional 38,388 shares during the period. Finally, Victory Capital Management Inc.
increased its holdings in shares of Penske Automotive Group by 174.9% during the 4th quarter. Victory Capital Management Inc.
now owns 40,998 shares of the company’s stock worth $6,250,000 after buying an additional 26,085 shares during the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets A number of research analysts recently commented on the company. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday.
JPMorgan Chase & Co. decreased their price target on Penske Automotive Group from $165.00 to $140.
00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th.
Finally, Citigroup started coverage on shares of Penske Automotive Group in a report on Wednesday. They issued a “buy” rating and a $185.00 price objective on the stock.
One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $170.00.
Insiders Place Their Bets In related news, EVP Claude H. Denker III sold 8,746 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $173.
03, for a total value of $1,513,320.38. Following the sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.
51. This trade represents a 23.22 % decrease in their ownership of the stock.
The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink . Also, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $155.
45, for a total transaction of $237,683.05. The disclosure for this sale can be found here .
51.70% of the stock is owned by company insiders. Penske Automotive Group Trading Down 0.
3 % PAG opened at $157.58 on Friday. The company has a quick ratio of 0.
20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.
The firm has a market cap of $10.52 billion, a P/E ratio of 11.46 and a beta of 1.
03. Penske Automotive Group, Inc. has a 52 week low of $134.
05 and a 52 week high of $180.12. The business has a fifty day simple moving average of $154.
45 and a 200-day simple moving average of $158.07. Penske Automotive Group ( NYSE:PAG – Get Free Report ) last released its earnings results on Thursday, February 13th.
The company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $3.37 by $0.
17. The company had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.
56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.
02%. On average, equities analysts expect that Penske Automotive Group, Inc. will post 13.
86 earnings per share for the current year. Penske Automotive Group Increases Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were paid a dividend of $1.
22 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19.
This represents a $4.88 annualized dividend and a yield of 3.10%.
The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group’s dividend payout ratio is presently 35.49%.
Penske Automotive Group Company Profile ( Free Report ) 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.
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