CrestPoint Capital Management LLC decreased its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,400 shares of the company’s stock after selling 1,300 shares during the period. CrestPoint Capital Management LLC’s holdings in Penske Automotive Group were worth $720,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of PAG. Glen Harbor Capital Management LLC purchased a new stake in Penske Automotive Group during the first quarter valued at approximately $137,000. Clinton Group Inc. purchased a new stake in Penske Automotive Group during the first quarter valued at approximately $3,491,000. Guggenheim Capital LLC boosted its stake in Penske Automotive Group by 31.8% in the fourth quarter. Guggenheim Capital LLC now owns 15,615 shares of the company’s stock valued at $809,000 after buying an additional 3,766 shares during the period. Teachers Advisors LLC boosted its stake in Penske Automotive Group by 8.9% in the fourth quarter. Teachers Advisors LLC now owns 41,448 shares of the company’s stock valued at $2,149,000 after buying an additional 3,387 shares during the period. Finally, Sentry Investments Corp. boosted its stake in shares of Penske Automotive Group by 0.6% in the first quarter. Sentry Investments Corp. now owns 1,179,732 shares of the company’s stock valued at $55,223,000 after buying an additional 6,500 shares during the period. 39.26% of the stock is currently owned by institutional investors.
Shares of Penske Automotive Group, Inc. (NYSE:PAG) traded down 0.24% during trading on Friday, reaching $40.85. 443,051 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $43.37 and its 200 day moving average price is $46.24. The firm has a market capitalization of $3.51 billion, a PE ratio of 9.74 and a beta of 1.48. Penske Automotive Group, Inc. has a 52 week low of $40.37 and a 52 week high of $56.05.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Thursday, July 27th. The company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.07. The company had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.44 billion. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 EPS. Analysts predict that Penske Automotive Group, Inc. will post $4.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Thursday, August 10th will be issued a $0.32 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.13%. Penske Automotive Group’s dividend payout ratio is currently 30.55%.
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Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company reiterated a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research note on Monday, July 17th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. BidaskClub upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Morgan Stanley reduced their price objective on shares of Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $52.67.
In related news, President Robert H. Kurnick, Jr. sold 11,172 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $42.48, for a total value of $474,586.56. Following the transaction, the president now owns 89,405 shares in the company, valued at $3,797,924.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Claude H. Denker III sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the completion of the transaction, the executive vice president now owns 22,243 shares in the company, valued at approximately $917,968.61. The disclosure for this sale can be found here. Insiders sold a total of 18,072 shares of company stock worth $763,853 in the last quarter. 40.70% of the stock is owned by corporate insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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