Cambridge Investment Research Advisors Inc. grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 16.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,658 shares of the company’s stock after purchasing an additional 795 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Penske Automotive Group were worth $943,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC bought a new stake in shares of Penske Automotive Group during the fourth quarter valued at approximately $260,702,000. BlackRock Inc. grew its holdings in shares of Penske Automotive Group by 4.6% during the third quarter. BlackRock Inc. now owns 1,404,836 shares of the company’s stock valued at $138,279,000 after buying an additional 61,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Penske Automotive Group by 24.7% in the second quarter. Goldman Sachs Group Inc. now owns 827,445 shares of the company’s stock valued at $86,625,000 after purchasing an additional 164,060 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Penske Automotive Group by 0.6% in the first quarter. Bank of America Corp DE now owns 665,868 shares of the company’s stock valued at $94,427,000 after purchasing an additional 3,745 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Penske Automotive Group by 3,459.1% in the first quarter. Envestnet Asset Management Inc. now owns 618,926 shares of the company’s stock valued at $1,783,000 after purchasing an additional 601,536 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.
Penske Automotive Group Trading Down 4.1 %
NYSE:PAG opened at $151.90 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.24 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $10.22 billion, a PE ratio of 8.66 and a beta of 1.21. The firm’s 50 day moving average is $164.83 and its 200 day moving average is $154.75. Penske Automotive Group, Inc. has a 12 month low of $94.83 and a 12 month high of $180.84.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Thursday, August 10th were issued a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $2.88 annualized dividend and a yield of 1.90%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.66. Penske Automotive Group’s dividend payout ratio (DPR) is 16.42%.
Analyst Upgrades and Downgrades
PAG has been the topic of a number of recent research reports. Benchmark raised their target price on Penske Automotive Group from $175.00 to $196.00 and gave the company a “buy” rating in a report on Friday, July 28th. Morgan Stanley increased their target price on shares of Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. Stephens lowered Penske Automotive Group from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $156.00 to $185.00 in a report on Wednesday, July 19th. StockNews.com assumed coverage on Penske Automotive Group in a report on Thursday. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. lowered Penske Automotive Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $150.00 to $140.00 in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $166.60.
View Our Latest Stock Analysis on PAG
Insider Buying and Selling
In related news, Director John Barr sold 3,000 shares of Penske Automotive Group stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $163.49, for a total value of $490,470.00. Following the completion of the transaction, the director now directly owns 712 shares in the company, valued at approximately $116,404.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John Barr sold 3,000 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.49, for a total transaction of $490,470.00. Following the sale, the director now owns 712 shares of the company’s stock, valued at approximately $116,404.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Robert H. Kurnick, Jr. sold 10,997 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $166.12, for a total value of $1,826,821.64. Following the sale, the president now directly owns 36,181 shares in the company, valued at approximately $6,010,387.72. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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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