United Services Automobile Association cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 96.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 5,762 shares of the company’s stock after selling 137,000 shares during the quarter. United Services Automobile Association’s holdings in Penske Automotive Group were worth $270,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Commonwealth Bank of Australia increased its stake in shares of Penske Automotive Group by 29.8% during the second quarter. Commonwealth Bank of Australia now owns 19,582 shares of the company’s stock valued at $913,000 after buying an additional 4,500 shares during the period. LSV Asset Management increased its stake in shares of Penske Automotive Group by 2.2% during the second quarter. LSV Asset Management now owns 2,698,729 shares of the company’s stock valued at $126,435,000 after buying an additional 59,311 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Penske Automotive Group during the second quarter valued at approximately $215,000. Baird Financial Group Inc. purchased a new position in shares of Penske Automotive Group during the second quarter valued at approximately $314,000. Finally, S. Muoio & CO. LLC purchased a new position in shares of Penske Automotive Group during the second quarter valued at approximately $469,000. 42.40% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on PAG shares. SunTrust Banks started coverage on Penske Automotive Group in a research note on Friday, August 24th. They set a “buy” rating and a $60.00 target price on the stock. Morgan Stanley upped their price target on Penske Automotive Group from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Guggenheim set a $58.00 price target on Penske Automotive Group and gave the stock a “buy” rating in a research note on Friday, July 27th. ValuEngine raised Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 23rd. Finally, Zacks Investment Research cut Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $57.60.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, October 25th. The company reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.04. The company had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Penske Automotive Group had a return on equity of 17.76% and a net margin of 3.09%. As a group, equities analysts anticipate that Penske Automotive Group, Inc. will post 5.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Monday, November 12th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.23%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 8th. Penske Automotive Group’s dividend payout ratio is presently 33.41%.
Penske Automotive Group Profile
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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