Blue Chip Partners Inc. Acquires 10,064 Shares of Penske Automotive Group, Inc. (PAG)
Blue Chip Partners Inc. grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 30.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,408 shares of the company’s stock after acquiring an additional 10,064 shares during the period. Blue Chip Partners Inc. owned about 0.05% of Penske Automotive Group worth $2,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Shell Asset Management Co. bought a new stake in shares of Penske Automotive Group during the 3rd quarter valued at $560,000. Alpha Windward LLC grew its position in shares of Penske Automotive Group by 13.4% during the 3rd quarter. Alpha Windward LLC now owns 11,700 shares of the company’s stock valued at $557,000 after acquiring an additional 1,380 shares during the period. Northwestern Mutual Investment Management Company LLC bought a new stake in shares of Penske Automotive Group during the 2nd quarter valued at $14,689,000. Canada Pension Plan Investment Board grew its position in shares of Penske Automotive Group by 100.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 23,800 shares of the company’s stock valued at $1,045,000 after acquiring an additional 11,900 shares during the period. Finally, Fiduciary Management Inc. WI grew its position in shares of Penske Automotive Group by 1.0% during the 2nd quarter. Fiduciary Management Inc. WI now owns 1,457,745 shares of the company’s stock valued at $64,010,000 after acquiring an additional 15,090 shares during the period. 41.05% of the stock is owned by hedge funds and other institutional investors.
Shares of Penske Automotive Group, Inc. (NYSE:PAG) traded up $0.26 during trading on Wednesday, reaching $46.46. 479,600 shares of the company traded hands, compared to its average volume of 469,060. The company has a market cap of $3,962.49, a P/E ratio of 10.87, a P/E/G ratio of 1.66 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group, Inc. has a one year low of $38.33 and a one year high of $56.05.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. Penske Automotive Group’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. analysts anticipate that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current fiscal year.
Penske Automotive Group declared that its board has approved a stock repurchase plan on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 2.84%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s dividend payout ratio is currently 30.99%.
A number of equities research analysts have recently issued reports on PAG shares. ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Gabelli upped their target price on shares of Penske Automotive Group from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Berenberg Bank assumed coverage on shares of Penske Automotive Group in a report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price for the company. Finally, Northcoast Research assumed coverage on shares of Penske Automotive Group in a report on Thursday, September 28th. They issued a “buy” rating and a $56.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Penske Automotive Group currently has a consensus rating of “Hold” and an average target price of $56.00.
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In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,188 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $47.41, for a total transaction of $151,143.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corp Penske acquired 1,103,996 shares of the company’s stock in a transaction on Friday, October 20th. The shares were bought at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the acquisition, the insider now directly owns 11,564,576 shares in the company, valued at $523,759,647.04. The disclosure for this purchase can be found here. 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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