Rafferty Asset Management LLC bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, Holdings Channel reports. The firm bought 5,556 shares of the company’s stock, valued at approximately $263,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Thompson Siegel & Walmsley LLC grew its position in Penske Automotive Group by 20.0% during the second quarter. Thompson Siegel & Walmsley LLC now owns 6,000 shares of the company’s stock valued at $281,000 after buying an additional 1,000 shares during the period. State Board of Administration of Florida Retirement System grew its position in Penske Automotive Group by 4.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 32,913 shares of the company’s stock valued at $1,542,000 after buying an additional 1,453 shares during the period. Bank of New York Mellon Corp grew its position in Penske Automotive Group by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 436,418 shares of the company’s stock valued at $20,447,000 after buying an additional 1,697 shares during the period. Blue Chip Partners Inc. grew its position in Penske Automotive Group by 4.4% during the third quarter. Blue Chip Partners Inc. now owns 44,259 shares of the company’s stock valued at $2,097,000 after buying an additional 1,876 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in Penske Automotive Group by 7.4% during the third quarter. Nisa Investment Advisors LLC now owns 27,600 shares of the company’s stock valued at $1,308,000 after buying an additional 1,900 shares during the period. Institutional investors own 43.05% of the company’s stock.

Shares of NYSE:PAG opened at $42.10 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.22 and a debt-to-equity ratio of 0.76. Penske Automotive Group, Inc. has a 1-year low of $41.52 and a 1-year high of $54.83. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 1.16 and a beta of 1.44.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, October 25th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.04. Penske Automotive Group had a net margin of 3.09% and a return on equity of 17.76%. The business had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.86 billion. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 5.37 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 4th. Shareholders of record on Monday, November 12th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.48 annualized dividend and a yield of 3.52%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.36. Penske Automotive Group’s payout ratio is currently 34.34%.

PAG has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Penske Automotive Group from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 15th. Zacks Investment Research downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Monday, October 8th. SunTrust Banks began coverage on shares of Penske Automotive Group in a report on Friday, August 24th. They set a “buy” rating and a $60.00 price target on the stock. ValuEngine downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Finally, Guggenheim downgraded shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a report on Friday, September 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Penske Automotive Group currently has an average rating of “Hold” and a consensus price target of $57.80.

COPYRIGHT VIOLATION NOTICE: “Rafferty Asset Management LLC Buys New Holdings in Penske Automotive Group, Inc. (PAG)” was posted by Watch List News and is owned by of Watch List News. If you are viewing this article on another site, it was copied illegally and republished in violation of US & international trademark and copyright law. The correct version of this article can be viewed at https://www.watchlistnews.com/rafferty-asset-management-llc-buys-new-holdings-in-penske-automotive-group-inc-pag/2665367.html.

Penske Automotive Group 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.

Recommended Story: What are no-load funds?

Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG).

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.