JPMorgan Chase & Co. Sells 799 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

JPMorgan Chase & Co. cut its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,362 shares of the company’s stock after selling 799 shares during the quarter. JPMorgan Chase & Co. owned about 0.16% of Penske Automotive Group worth $17,113,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. True Wealth Design LLC increased its stake in Penske Automotive Group by 14,833.3% during the 3rd quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after purchasing an additional 445 shares in the last quarter. Transamerica Financial Advisors Inc. increased its position in shares of Penske Automotive Group by 45,300.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock valued at $74,000 after acquiring an additional 453 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Penske Automotive Group in the 3rd quarter worth approximately $94,000. Capital Performance Advisors LLP bought a new position in Penske Automotive Group in the 3rd quarter valued at approximately $112,000. Finally, Blue Trust Inc. boosted its stake in Penske Automotive Group by 25.8% during the 3rd quarter. Blue Trust Inc. now owns 952 shares of the company’s stock valued at $142,000 after purchasing an additional 195 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

Shares of PAG opened at $152.60 on Friday. The firm has a market capitalization of $10.19 billion, a P/E ratio of 11.69 and a beta of 1.20. 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 one year low of $142.32 and a one year high of $179.72. The business has a fifty day moving average of $159.46 and a 200 day moving average of $158.39.

Penske Automotive Group (NYSE:PAG) last released 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 net margin of 2.91% and a return on equity of 18.38%. The firm had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.67 billion. During the same quarter in the prior year, the firm earned $3.90 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th were 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 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group’s dividend payout ratio is currently 36.48%.

Analyst Upgrades and Downgrades

PAG has been the subject of several recent analyst reports. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target 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 target price on the stock. Finally, Benchmark began coverage on shares of Penske Automotive Group in a report on Thursday, December 12th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $170.25.

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.