BNP Paribas Financial Markets Sells 41,797 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

BNP Paribas Financial Markets lowered its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 65.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,153 shares of the company’s stock after selling 41,797 shares during the quarter. BNP Paribas Financial Markets’ holdings in Penske Automotive Group were worth $3,598,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fifth Third Bancorp raised its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after purchasing an additional 91 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Penske Automotive Group in the 2nd quarter valued at about $69,000. Capital Performance Advisors LLP bought a new stake in shares of Penske Automotive Group in the 3rd quarter valued at about $112,000. Blue Trust Inc. raised its stake in shares of Penske Automotive Group by 17.5% during the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after acquiring an additional 113 shares in the last quarter. Finally, Brighton Jones LLC bought a new position in shares of Penske Automotive Group during the 3rd quarter worth approximately $209,000. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

PAG has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Stephens initiated coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th.

Penske Automotive Group Stock Down 0.7 %

PAG stock opened at $165.44 on Thursday. The firm’s fifty day simple moving average is $158.63 and its 200-day simple moving average is $157.10. The company has a market capitalization of $11.05 billion, a P/E ratio of 12.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The firm had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period last year, the company posted $3.90 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were issued a dividend of $1.19 per share. The ex-dividend date was Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a yield of 2.88%. Penske Automotive Group’s dividend payout ratio is 36.48%.

About Penske Automotive Group

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.