Raymond James Financial Services Advisors Inc. cut its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 13.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,679 shares of the company’s stock after selling 3,780 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Penske Automotive Group were worth $1,156,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PAG. Victory Capital Management Inc. increased its holdings in shares of Penske Automotive Group by 190.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,850,090 shares of the company’s stock valued at $82,014,000 after acquiring an additional 1,212,980 shares during the period. Sentry Investments Corp. increased its holdings in shares of Penske Automotive Group by 92.6% in the 1st quarter. Sentry Investments Corp. now owns 736,361 shares of the company’s stock valued at $32,643,000 after acquiring an additional 354,100 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Penske Automotive Group by 6.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,260 shares of the company’s stock valued at $136,725,000 after acquiring an additional 186,949 shares during the period. LSV Asset Management increased its holdings in shares of Penske Automotive Group by 4.8% in the 1st quarter. LSV Asset Management now owns 2,639,418 shares of the company’s stock valued at $117,005,000 after acquiring an additional 120,112 shares during the period. Finally, SG Capital Management LLC purchased a new position in shares of Penske Automotive Group in the 2nd quarter valued at $5,592,000. Institutional investors and hedge funds own 42.16% of the company’s stock.

Shares of PAG stock opened at $52.33 on Friday. Penske Automotive Group, Inc. has a 1-year low of $39.54 and a 1-year high of $54.83. The company has a current ratio of 1.01, a quick ratio of 0.22 and a debt-to-equity ratio of 0.82. The firm has a market cap of $4.46 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.40.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, July 26th. The company reported $1.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.14. Penske Automotive Group had a return on equity of 17.68% and a net margin of 2.95%. The firm had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the previous year, the business earned $1.27 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. equities research analysts forecast that Penske Automotive Group, Inc. will post 5.34 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 5th. Investors of record on Friday, August 10th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.75%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, August 9th. Penske Automotive Group’s payout ratio is 33.41%.

A number of research analysts have recently issued reports on the company. SunTrust Banks assumed coverage on Penske Automotive Group in a report on Friday. They issued a “buy” rating and a $60.00 price target on the stock. Guggenheim set a $53.00 price target on Penske Automotive Group and gave the company a “buy” rating in a report on Friday, July 13th. Morgan Stanley lifted their price target on Penske Automotive Group from $56.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 15th. Finally, Zacks Investment Research upgraded Penske Automotive Group from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Tuesday, June 19th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Penske Automotive Group currently has an average rating of “Buy” and a consensus target price of $59.13.

In related news, Director Kimberly J. Mcwaters sold 5,000 shares of the business’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $48.58, for a total transaction of $242,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Shane M. Spradlin sold 2,150 shares of the business’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $48.35, for a total value of $103,952.50. The disclosure for this sale can be found here. 40.70% of the stock is owned by insiders.

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.

Recommended Story: Marijuana Stocks

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.