Geode Capital Management LLC Trims Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Geode Capital Management LLC cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 0.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 313,877 shares of the company’s stock after selling 1,846 shares during the quarter. Geode Capital Management LLC owned approximately 0.47% of Penske Automotive Group worth $50,994,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PAG. Janus Henderson Group PLC increased its stake in shares of Penske Automotive Group by 36.9% in the third quarter. Janus Henderson Group PLC now owns 39,569 shares of the company’s stock worth $6,426,000 after buying an additional 10,663 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Penske Automotive Group by 176.1% in the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock valued at $2,166,000 after purchasing an additional 8,504 shares in the last quarter. Aristeia Capital L.L.C. bought a new position in shares of Penske Automotive Group during the second quarter worth about $626,000. Millennium Management LLC grew its stake in Penske Automotive Group by 9.1% in the second quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock worth $18,818,000 after purchasing an additional 10,522 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Penske Automotive Group by 188.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company’s stock valued at $1,134,000 after buying an additional 4,559 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Benchmark started coverage on Penske Automotive Group in a report on Thursday, December 12th. They set a “buy” rating on the stock. JPMorgan Chase & Co. raised their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. Finally, Stephens assumed 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 target price for the company. One 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $170.25.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $157.38 on Monday. The firm’s 50-day simple moving average is $159.67 and its 200 day simple moving average is $157.97. The stock has a market cap of $10.51 billion, a P/E ratio of 12.06 and a beta of 1.18. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $179.72.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02). The company 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 company’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business earned $3.90 earnings per share. Equities analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were given a dividend of $1.19 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.02%. Penske Automotive Group’s dividend payout ratio (DPR) is 36.48%.

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.