Gamco Investors INC. ET AL Has $62.68 Million Stock Position in Penske Automotive Group, Inc. $PAG

Key Points

• Gamco Investors trimmed its Penske Automotive Group stake by 1.6% in the fourth quarter, but still held 396,007 shares worth about $62.68 million.
• Analysts remain mostly positive on PAG, with six Buy ratings and three Hold ratings; the stock’s average target price is $184.86, even as a few firms recently adjusted targets or downgraded the name.
• Penske beat quarterly EPS and revenue estimates and also raised its dividend to $1.42 per share, implying an annualized yield of about 3.5%.

Gamco Investors INC. ET AL reduced its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 1.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 396,007 shares of the company's stock after selling 6,411 shares during the period. Gamco Investors INC. ET AL owned approximately 0.60% of Penske Automotive Group worth $62,684,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of PAG. Victory Capital Management Inc. raised its holdings in Penske Automotive Group by 48.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,391,281 shares of the company's stock worth $241,958,000 after buying an additional 456,611 shares during the period. Hamlin Capital Management LLC acquired a new stake in Penske Automotive Group during the 4th quarter worth approximately $20,203,000. AQR Capital Management LLC raised its holdings in shares of Penske Automotive Group by 21.1% in the second quarter. AQR Capital Management LLC now owns 681,741 shares of the company's stock valued at $116,953,000 after purchasing an additional 118,976 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Penske Automotive Group by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock valued at $54,751,000 after purchasing an additional 84,045 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Penske Automotive Group by 3,302.9% in the fourth quarter. M&T Bank Corp now owns 64,995 shares of the company's stock valued at $10,288,000 after purchasing an additional 63,085 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Weiss Ratings downgraded shares of Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 16th. Citigroup lifted their price objective on shares of Penske Automotive Group from $193.00 to $199.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Finally, Stephens lifted their price objective on shares of Penske Automotive Group from $155.00 to $160.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $184.86.

Penske Automotive Group Price Performance

Shares of PAG opened at $162.24 on Monday. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 2.10 and a beta of 0.90. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $189.51. The company's fifty day simple moving average is $156.18 and its 200 day simple moving average is $160.34. The company has a current ratio of 0.96, a quick ratio of 0.22 and a debt-to-equity ratio of 0.39.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.14. The business had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $7.71 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The firm's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.66 earnings per share. On average, research analysts forecast that Penske Automotive Group, Inc. will post 13.44 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 Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th will be given a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a yield of 3.5%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Tuesday, May 26th. Penske Automotive Group's dividend payout ratio (DPR) is presently 41.79%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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