Bank of New York Mellon Corp Trims Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of New York Mellon Corp reduced its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 243,499 shares of the company’s stock after selling 1,247 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of Penske Automotive Group worth $36,286,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 32.2% in the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares during the last quarter. Gradient Investments LLC lifted its holdings in shares of Penske Automotive Group by 35.2% during the 1st quarter. Gradient Investments LLC now owns 380 shares of the company’s stock worth $62,000 after acquiring an additional 99 shares during the last quarter. WFA Asset Management Corp purchased a new position in Penske Automotive Group in the first quarter worth $84,000. Blue Trust Inc. increased its stake in Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after acquiring an additional 113 shares during the last quarter. Finally, NDVR Inc. bought a new stake in Penske Automotive Group during the fourth quarter worth about $203,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PAG. JPMorgan Chase & Co. upped their price objective on Penske Automotive Group from $135.00 to $140.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Bank of America increased their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $157.75.

Penske Automotive Group Stock Up 0.4 %

PAG opened at $170.10 on Tuesday. The business’s 50-day moving average price is $159.02 and its 200-day moving average price is $154.95. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a 12 month low of $137.95 and a 12 month high of $179.72. The company has a market cap of $11.36 billion, a P/E ratio of 11.83 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, beating 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 firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. During the same quarter in the prior year, the firm posted $4.41 earnings per share. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities analysts expect that Penske Automotive Group, Inc. will post 13.81 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th will be given a $1.07 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date is Thursday, August 15th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.52%. Penske Automotive Group’s payout ratio is presently 29.76%.

Insider Activity

In related news, Director John Barr sold 716 shares of Penske Automotive Group stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total value of $122,228.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 51.70% of the company’s stock.

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.