Penske Automotive Group, Inc. (PAG) Holdings Trimmed by Rhumbline Advisers
Rhumbline Advisers lessened its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 12.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,061 shares of the company’s stock after selling 7,471 shares during the quarter. Rhumbline Advisers’ holdings in Penske Automotive Group were worth $2,325,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Quantamental Technologies LLC acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $89,000. New York State Teachers Retirement System acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $125,000. Keybank National Association OH grew its position in shares of Penske Automotive Group by 2.3% during the 4th quarter. Keybank National Association OH now owns 33,525 shares of the company’s stock worth $1,352,000 after buying an additional 750 shares during the period. Wedbush Securities Inc. grew its position in shares of Penske Automotive Group by 3.3% during the 4th quarter. Wedbush Securities Inc. now owns 14,877 shares of the company’s stock worth $600,000 after buying an additional 475 shares during the period. Finally, Xact Kapitalforvaltning AB grew its position in shares of Penske Automotive Group by 49.2% during the 4th quarter. Xact Kapitalforvaltning AB now owns 11,216 shares of the company’s stock worth $452,000 after buying an additional 3,700 shares during the period. 44.13% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on PAG shares. Morgan Stanley decreased their price objective on shares of Penske Automotive Group from $62.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, April 16th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. ValuEngine cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Friday, February 8th. Seaport Global Securities started coverage on shares of Penske Automotive Group in a report on Wednesday, February 13th. They set a “buy” rating and a $61.00 price objective for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Penske Automotive Group in a report on Tuesday, February 19th. They set a “neutral” rating and a $51.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $54.00.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. The firm had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.74 billion. Penske Automotive Group had a net margin of 2.05% and a return on equity of 17.38%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.26 earnings per share. As a group, equities research analysts predict that Penske Automotive Group, Inc. will post 5.5 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Monday, May 20th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, May 17th. This represents a $1.56 dividend on an annualized basis and a yield of 3.51%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.38. Penske Automotive Group’s payout ratio is currently 29.21%.
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Penske Automotive Group Company Profile
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.
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