Principal Financial Group Inc. Sells 21,206 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Principal Financial Group Inc. cut its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 32.9% in the third quarter, Holdings Channel reports. The fund owned 43,310 shares of the company’s stock after selling 21,206 shares during the quarter. Principal Financial Group Inc.’s holdings in Penske Automotive Group were worth $7,034,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PAG. Franklin Resources Inc. lifted its position in shares of Penske Automotive Group by 65.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,316 shares of the company’s stock worth $1,906,000 after purchasing an additional 4,877 shares during the period. Tidal Investments LLC raised its stake in Penske Automotive Group by 5.1% in the third quarter. Tidal Investments LLC now owns 1,830 shares of the company’s stock worth $297,000 after buying an additional 88 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Penske Automotive Group during the third quarter worth $94,000. Sanctuary Advisors LLC bought a new stake in Penske Automotive Group during the 3rd quarter valued at $415,000. Finally, Virtu Financial LLC purchased a new position in shares of Penske Automotive Group in the 3rd quarter valued at $284,000. 77.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PAG shares. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Stephens initiated 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. Finally, Benchmark initiated coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a “buy” rating on the stock. 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 data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $170.25.

Penske Automotive Group Stock Performance

Shares of PAG opened at $152.44 on Wednesday. The stock has a 50-day moving average of $159.70 and a two-hundred day moving average of $158.35. 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 stock has a market cap of $10.18 billion, a P/E ratio of 11.68 and a beta of 1.18. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $179.72.

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

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.12%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date was Friday, November 15th. Penske Automotive Group’s dividend payout ratio is presently 36.48%.

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.