Livforsakringsbolaget Skandia Omsesidigt Has $2.16 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 24.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,320 shares of the company’s stock after acquiring an additional 2,600 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Penske Automotive Group were worth $2,161,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its stake in Penske Automotive Group by 32.2% in the second 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 acquired a new position in Penske Automotive Group during the 2nd quarter worth approximately $69,000. WFA Asset Management Corp bought a new position in Penske Automotive Group in the first quarter worth approximately $84,000. Blue Trust Inc. grew 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 period. Finally, Cetera Advisors LLC acquired a new stake in Penske Automotive Group in the first quarter valued at approximately $230,000. 77.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PAG shares. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Stephens initiated coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $115.00 to $180.00 in a report on Wednesday, September 25th. Finally, Bank of America upped their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $175.40.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 716 shares of the business’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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $155.17 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. The stock has a market cap of $10.36 billion, a PE ratio of 11.43 and a beta of 1.16. The stock’s fifty day simple moving average is $160.76 and its two-hundred day simple moving average is $155.88. Penske Automotive Group, Inc. has a 1-year low of $137.95 and a 1-year high of $179.72.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results 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 net margin of 3.05% and a return on equity of 19.82%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same period last year, the firm earned $4.41 earnings per share. The firm’s revenue was up 3.1% on a year-over-year basis. As a group, analysts forecast that Penske Automotive Group, Inc. will post 13.82 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were issued a $1.07 dividend. The ex-dividend date was Thursday, August 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.96. This represents a $4.28 annualized dividend and a dividend yield of 2.76%. Penske Automotive Group’s dividend payout ratio is currently 31.52%.

Penske Automotive Group 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.