Franklin Resources Inc. Buys 4,877 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Franklin Resources Inc. increased its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 65.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,316 shares of the company’s stock after buying an additional 4,877 shares during the period. Franklin Resources Inc.’s holdings in Penske Automotive Group were worth $1,906,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Penske Automotive Group by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock valued at $62,280,000 after acquiring an additional 99,164 shares during the period. International Assets Investment Management LLC grew its stake in shares of Penske Automotive Group by 12,674.5% in the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock worth $9,606,000 after acquiring an additional 58,683 shares during the period. Susquehanna Fundamental Investments LLC raised its holdings in shares of Penske Automotive Group by 720.6% during the second quarter. Susquehanna Fundamental Investments LLC now owns 23,796 shares of the company’s stock valued at $3,546,000 after purchasing an additional 20,896 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Penske Automotive Group by 88.8% during the 2nd quarter. Texas Permanent School Fund Corp now owns 32,210 shares of the company’s stock valued at $4,800,000 after buying an additional 15,151 shares during the period. Finally, Burgundy Asset Management Ltd. lifted its holdings in Penske Automotive Group by 1.8% in the second quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock valued at $115,874,000 after acquiring an additional 13,968 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.4 %

PAG opened at $156.94 on Friday. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 12.03 and a beta of 1.18. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The firm’s fifty day moving average is $159.73 and its 200 day moving average is $158.07. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing the consensus estimate 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 business had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.67 billion. During the same quarter in the previous year, the firm earned $3.90 earnings per share. Penske Automotive Group’s revenue was up 1.9% on a year-over-year basis. On average, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were given a dividend of $1.19 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.03%. Penske Automotive Group’s dividend payout ratio is currently 36.48%.

Wall Street Analysts Forecast Growth

PAG has been the subject of several recent research reports. Stephens started coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th. Benchmark assumed coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a “buy” rating on the stock. Finally, Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group has an average rating of “Hold” and an average price target of $170.25.

Penske Automotive Group 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.