Penske Automotive Group, Inc. (PAG) Shares Sold by Affinity Investment Advisors LLC
Affinity Investment Advisors LLC cut its position in Penske Automotive Group, Inc. (NYSE:PAG) by 11.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,570 shares of the company’s stock after selling 4,380 shares during the quarter. Affinity Investment Advisors LLC’s holdings in Penske Automotive Group were worth $1,597,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of PAG. Northwestern Mutual Investment Management Company LLC bought a new stake in shares of Penske Automotive Group in the second quarter valued at $14,689,000. Koch Industries Inc. bought a new stake in shares of Penske Automotive Group in the second quarter valued at $315,000. Renaissance Technologies LLC raised its stake in shares of Penske Automotive Group by 99.9% in the second quarter. Renaissance Technologies LLC now owns 371,700 shares of the company’s stock valued at $16,321,000 after buying an additional 185,800 shares during the period. Cambiar Investors LLC bought a new stake in shares of Penske Automotive Group in the second quarter valued at $8,031,000. Finally, Victory Capital Management Inc. raised its stake in shares of Penske Automotive Group by 54.6% in the second quarter. Victory Capital Management Inc. now owns 480,010 shares of the company’s stock valued at $21,077,000 after buying an additional 169,550 shares during the period. Hedge funds and other institutional investors own 39.97% of the company’s stock.
A number of analysts recently issued reports on the company. ValuEngine upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Gabelli boosted their price objective on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. Northcoast Research assumed coverage on Penske Automotive Group in a research note on Thursday, September 28th. They set a “buy” rating and a $56.00 price objective on the stock. BidaskClub lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Finally, KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a research note on Wednesday, October 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Penske Automotive Group has an average rating of “Hold” and a consensus target price of $56.00.
In related news, EVP Claude H. Denker III sold 5,000 shares of Penske Automotive Group stock in a transaction dated 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 $917,968.61. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Corp Penske purchased 1,103,996 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. Insiders own 40.70% of the company’s stock.
Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.33 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.71%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, November 9th. Penske Automotive Group’s payout ratio is 30.05%.
Penske Automotive Group declared that its board has approved a stock buyback program on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Penske Automotive Group 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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