Russell Investments Group Ltd. Cuts Stake in Penske Automotive Group, Inc. (PAG)
Russell Investments Group Ltd. cut its position in Penske Automotive Group, Inc. (NYSE:PAG) by 17.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,223 shares of the company’s stock after selling 11,113 shares during the period. Russell Investments Group Ltd. owned 0.06% of Penske Automotive Group worth $2,340,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. FNY Managed Accounts LLC purchased a new stake in shares of Penske Automotive Group during the first quarter worth approximately $100,000. Meadow Creek Investment Management LLC purchased a new stake in shares of Penske Automotive Group during the first quarter worth approximately $113,000. Bank of Montreal Can increased its stake in shares of Penske Automotive Group by 10.9% in the first quarter. Bank of Montreal Can now owns 2,787 shares of the company’s stock worth $131,000 after buying an additional 275 shares in the last quarter. Glen Harbor Capital Management LLC purchased a new stake in shares of Penske Automotive Group during the first quarter worth approximately $137,000. Finally, PEAK6 Investments L.P. increased its stake in shares of Penske Automotive Group by 5,767.4% in the first quarter. PEAK6 Investments L.P. now owns 5,046 shares of the company’s stock worth $236,000 after buying an additional 4,960 shares in the last quarter. Institutional investors own 39.85% of the company’s stock.
Shares of Penske Automotive Group, Inc. (NYSE PAG) traded up 1.77% during trading on Friday, hitting $43.11. The stock had a trading volume of 494,269 shares. The stock has a market capitalization of $3.71 billion, a P/E ratio of 10.28 and a beta of 1.46. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $56.05. The stock’s 50-day moving average is $42.14 and its 200-day moving average is $44.83.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, July 27th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.07. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.44 billion. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.11 earnings per share. Analysts predict that Penske Automotive Group, Inc. will post $4.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Thursday, August 10th were paid a $0.32 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Tuesday, August 8th. Penske Automotive Group’s payout ratio is 30.55%.
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A number of brokerages have commented on PAG. ValuEngine downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday. BidaskClub downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Wells Fargo & Company reiterated a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Zacks Investment Research raised Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Morgan Stanley dropped their target price on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $52.67.
In related news, EVP Claude H. Denker III sold 5,000 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 22,243 shares in the company, valued at $917,968.61. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 40.70% of the company’s stock.
About Penske Automotive Group
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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