Occidental Asset Management LLC raised its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 31.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,580 shares of the company’s stock after buying an additional 3,458 shares during the quarter. Occidental Asset Management LLC’s holdings in Penske Automotive Group were worth $690,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PAG. Signaturefd LLC increased its holdings in shares of Penske Automotive Group by 90.5% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $42,000 after acquiring an additional 417 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Penske Automotive Group during the first quarter valued at about $125,000. Advisory Services Network LLC increased its holdings in shares of Penske Automotive Group by 8,888.1% during the second quarter. Advisory Services Network LLC now owns 3,775 shares of the company’s stock valued at $179,000 after acquiring an additional 3,733 shares in the last quarter. Martingale Asset Management L P acquired a new position in shares of Penske Automotive Group during the first quarter valued at about $314,000. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Penske Automotive Group by 45.1% during the first quarter. Oppenheimer & Co. Inc. now owns 7,483 shares of the company’s stock valued at $334,000 after acquiring an additional 2,325 shares in the last quarter. 44.47% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the stock. Northcoast Research restated a “buy” rating on shares of Penske Automotive Group in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating and set a $46.00 price objective on the stock in a report on Tuesday, May 28th. Morgan Stanley increased their price target on shares of Penske Automotive Group from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, ValuEngine downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $54.17.
In other news, EVP Shane M. Spradlin sold 2,656 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $44.05, for a total transaction of $116,996.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Robert H. Kurnick, Jr. sold 8,579 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $46.05, for a total transaction of $395,062.95. Following the sale, the president now directly owns 98,509 shares in the company, valued at approximately $4,536,339.45. The disclosure for this sale can be found here. 42.60% of the stock is currently owned by corporate insiders.
NYSE:PAG traded down $1.19 during midday trading on Thursday, hitting $41.57. The company’s stock had a trading volume of 28,237 shares, compared to its average volume of 394,575. Penske Automotive Group, Inc. has a fifty-two week low of $38.49 and a fifty-two week high of $53.84. The company’s 50 day simple moving average is $45.90. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.21 and a current ratio of 0.98. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 7.74, a P/E/G ratio of 1.78 and a beta of 1.32.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.59 by ($0.17). Penske Automotive Group had a return on equity of 16.56% and a net margin of 2.00%. The business had revenue of $5.76 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter last year, the company posted $1.58 EPS. Penske Automotive Group’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 5.32 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Friday, August 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, August 8th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.39. Penske Automotive Group’s dividend payout ratio is 29.96%.
About Penske Automotive Group
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.
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