Advisors Asset Management Inc. Sells 2,117 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Advisors Asset Management Inc. cut its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 18.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,673 shares of the company’s stock after selling 2,117 shares during the quarter. Advisors Asset Management Inc.’s holdings in Penske Automotive Group were worth $1,571,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its stake in shares of Penske Automotive Group by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock valued at $316,000 after buying an additional 69 shares during the period. Applied Capital LLC FL grew its stake in Penske Automotive Group by 0.4% in the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after acquiring an additional 77 shares during the period. Arizona State Retirement System increased its holdings in shares of Penske Automotive Group by 1.5% during the second quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock valued at $838,000 after acquiring an additional 84 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its holdings in shares of Penske Automotive Group by 5.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company’s stock valued at $277,000 after acquiring an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAG has been the subject of a number of recent research reports. Stephens began 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 target for the company. JPMorgan Chase & Co. upped their target price 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, Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th.

Penske Automotive Group Price Performance

PAG opened at $170.38 on Tuesday. The firm’s fifty day moving average price is $157.35 and its two-hundred day moving average price is $156.60. The company has a market capitalization of $11.38 billion, a price-to-earnings ratio of 13.06 and a beta of 1.17. 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 1 year low of $142.32 and a 1 year high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data 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). The firm had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.90 earnings per share. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.53 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.79%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 36.48%.

Penske Automotive Group Company 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.