Logan Capital Management Inc. Sells 715 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Logan Capital Management Inc. reduced its position in Penske Automotive Group, Inc. (NYSE:PAG) by 3.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 17,670 shares of the company’s stock after selling 715 shares during the period. Logan Capital Management Inc.’s holdings in Penske Automotive Group were worth $2,870,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PAG. Burgundy Asset Management Ltd. increased its stake in shares of Penske Automotive Group by 1.8% in the second quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock worth $115,874,000 after purchasing an additional 13,968 shares in the last quarter. AQR Capital Management LLC grew its stake in Penske Automotive Group by 31.1% in the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock valued at $62,280,000 after buying an additional 99,164 shares in the last quarter. Millennium Management LLC grew its stake in Penske Automotive Group by 9.1% in the 2nd quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock valued at $18,818,000 after buying an additional 10,522 shares in the last quarter. Citigroup Inc. raised its holdings in Penske Automotive Group by 4.1% during the 3rd quarter. Citigroup Inc. now owns 63,548 shares of the company’s stock valued at $10,321,000 after acquiring an additional 2,475 shares during the period. Finally, International Assets Investment Management LLC lifted its position in shares of Penske Automotive Group by 12,674.5% during the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock worth $9,606,000 after acquiring an additional 58,683 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $163.28 on Friday. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of 12.51 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. The business has a 50-day simple moving average of $159.17 and a 200 day simple moving average of $157.59. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.02). The business had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.90 EPS. On average, research analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were issued a $1.19 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date was Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.92%. Penske Automotive Group’s dividend payout ratio is presently 36.48%.

Analysts Set New Price Targets

PAG has been the subject of several recent research reports. Benchmark initiated coverage on Penske Automotive Group in a research report on Thursday. They issued a “buy” rating for the company. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $115.00 to $180.00 in a report on Wednesday, September 25th. 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 report on Tuesday, September 10th. Finally, Stephens started 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 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $170.25.

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.