Swiss National Bank lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,200 shares of the company’s stock after selling 400 shares during the quarter. Swiss National Bank’s holdings in Penske Automotive Group were worth $6,367,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Fifth Third Bancorp lifted its position in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after acquiring an additional 91 shares during the period. International Assets Investment Management LLC acquired a new position in Penske Automotive Group in the second quarter valued at about $69,000. Capital Performance Advisors LLP bought a new stake in Penske Automotive Group during the third quarter worth about $112,000. Blue Trust Inc. grew its stake in Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after buying an additional 113 shares in the last quarter. Finally, Brighton Jones LLC bought a new position in Penske Automotive Group in the 3rd quarter valued at about $209,000. Institutional investors own 77.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of 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 assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. Finally, Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th.
Penske Automotive Group Price Performance
Shares of NYSE:PAG opened at $167.50 on Wednesday. The company has a market cap of $11.18 billion, a price-to-earnings ratio of 13.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The firm has a 50 day simple moving average of $157.63 and a 200 day simple moving average of $156.70. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $179.72.
Penske Automotive Group (NYSE:PAG – Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.90 earnings per share. Research analysts predict that Penske Automotive Group, Inc. will post 13.53 earnings per share for the current fiscal year.
Penske Automotive Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be issued a dividend of $1.19 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Friday, November 15th. Penske Automotive Group’s 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.
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