State Street Corp Reduces Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

State Street Corp lowered its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 2.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 608,307 shares of the company’s stock after selling 12,117 shares during the quarter. State Street Corp owned approximately 0.91% of Penske Automotive Group worth $98,801,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in PAG. Cerity Partners LLC increased its position in Penske Automotive Group by 176.1% during the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock worth $2,166,000 after purchasing an additional 8,504 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Penske Automotive Group by 36.9% during the 3rd quarter. Janus Henderson Group PLC now owns 39,569 shares of the company’s stock worth $6,426,000 after purchasing an additional 10,663 shares during the last quarter. Aristeia Capital L.L.C. purchased a new stake in shares of Penske Automotive Group during the second quarter worth about $626,000. Millennium Management LLC grew its holdings in shares of Penske Automotive Group by 9.1% during the second quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock worth $18,818,000 after buying an additional 10,522 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Penske Automotive Group by 188.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company’s stock valued at $1,134,000 after buying an additional 4,559 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Down 1.1 %

Shares of PAG opened at $163.26 on Monday. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72. The company’s fifty day moving average is $159.17 and its two-hundred day moving average is $157.71. The firm has a market cap of $10.90 billion, a PE ratio of 12.51 and a beta of 1.18. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The firm had revenue of $7.59 billion during the quarter, compared to analyst estimates of $7.67 billion. During the same quarter in the previous year, the business posted $3.90 EPS. Penske Automotive Group’s revenue was up 1.9% compared to the same quarter last year. Analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were issued a dividend of $1.19 per share. The ex-dividend date was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.92%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is presently 36.48%.

Analyst Ratings Changes

Several analysts have commented on the stock. Benchmark began coverage on shares of Penske Automotive Group in a research note on Thursday. They issued a “buy” rating for the company. Stephens assumed coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Penske Automotive Group has a consensus rating of “Hold” and a consensus price target of $170.25.

Penske Automotive Group Company Profile

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.