Rhumbline Advisers Sells 1,824 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Rhumbline Advisers lessened its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,882 shares of the company’s stock after selling 1,824 shares during the period. Rhumbline Advisers owned about 0.08% of Penske Automotive Group worth $8,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versor Investments LP acquired a new stake in Penske Automotive Group during the 2nd quarter valued at approximately $542,000. CIBC Asset Management Inc acquired a new position in shares of Penske Automotive Group in the 2nd quarter worth approximately $280,000. Nilsine Partners LLC boosted its stake in shares of Penske Automotive Group by 1.6% in the 2nd quarter. Nilsine Partners LLC now owns 15,484 shares of the company’s stock valued at $2,307,000 after purchasing an additional 245 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Penske Automotive Group by 6.5% during the second quarter. Commonwealth Equity Services LLC now owns 4,842 shares of the company’s stock worth $722,000 after buying an additional 295 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Penske Automotive Group during the second quarter worth $69,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Bank of America increased their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Stephens began coverage on shares of Penske Automotive Group in a research report on Thursday. They set an “equal weight” rating and a $161.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $162.40.

Penske Automotive Group Stock Up 0.6 %

Shares of NYSE:PAG opened at $149.27 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98. Penske Automotive Group, Inc. has a 52-week low of $137.95 and a 52-week high of $179.72. The business’s 50 day simple moving average is $160.39 and its two-hundred day simple moving average is $155.34. The firm has a market cap of $9.98 billion, a P/E ratio of 10.36 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping analysts’ consensus estimates of $3.39 by $0.22. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same period in the prior year, the firm earned $4.41 earnings per share. Penske Automotive Group’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts forecast that Penske Automotive Group, Inc. will post 13.83 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Thursday, August 15th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $4.28 annualized dividend and a yield of 2.87%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s dividend payout ratio is 29.76%.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 716 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 51.70% of the stock is currently owned by corporate insiders.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.