Raymond James & Associates Sells 4,777 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Raymond James & Associates reduced its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 19.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,291 shares of the company’s stock after selling 4,777 shares during the quarter. Raymond James & Associates’ holdings in Penske Automotive Group were worth $3,257,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. SkyOak Wealth LLC grew its stake in shares of Penske Automotive Group by 3.2% during the fourth quarter. SkyOak Wealth LLC now owns 2,550 shares of the company’s stock valued at $409,000 after purchasing an additional 80 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in Penske Automotive Group in the third quarter valued at approximately $1,257,000. Citigroup Inc. lifted its holdings in Penske Automotive Group by 225.4% in the third quarter. Citigroup Inc. now owns 29,230 shares of the company’s stock valued at $4,883,000 after buying an additional 20,246 shares during the period. Comerica Bank acquired a new position in Penske Automotive Group in the third quarter valued at approximately $3,233,000. Finally, Tudor Investment Corp Et Al lifted its holdings in Penske Automotive Group by 29.9% in the third quarter. Tudor Investment Corp Et Al now owns 69,253 shares of the company’s stock valued at $11,569,000 after buying an additional 15,946 shares during the period. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Trading Down 0.3 %

PAG opened at $150.01 on Friday. The firm’s fifty day moving average is $153.18 and its two-hundred day moving average is $153.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.25 and a current ratio of 1.00. The firm has a market cap of $10.06 billion, a PE ratio of 9.69 and a beta of 1.19. Penske Automotive Group, Inc. has a twelve month low of $133.72 and a twelve month high of $180.84.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, February 7th. The company reported $3.45 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.21). The firm had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.18 billion. Penske Automotive Group had a return on equity of 24.19% and a net margin of 3.57%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $4.21 earnings per share. Equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.83 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.32%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.79. The ex-dividend date of this dividend was Wednesday, February 14th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 22.48%.

Insider Activity at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,604 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $149.38, for a total value of $239,605.52. Following the sale, the director now directly owns 51,001 shares of the company’s stock, valued at approximately $7,618,529.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Greg C. Smith sold 1,604 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $149.38, for a total value of $239,605.52. Following the sale, the director now directly owns 51,001 shares of the company’s stock, valued at approximately $7,618,529.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Barr sold 1,600 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $154.05, for a total transaction of $246,480.00. Following the completion of the sale, the director now directly owns 716 shares in the company, valued at $110,299.80. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PAG has been the topic of several analyst reports. Morgan Stanley increased their price objective on shares of Penske Automotive Group from $107.00 to $115.00 and gave the company an “underweight” rating in a report on Thursday, February 29th. Bank of America increased their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $163.20.

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.