Janney Montgomery Scott LLC Has $9.11 Million Stock Holdings in Penske Automotive Group, Inc. $PAG

Key Points

• Janney Montgomery Scott LLC reduced its stake in Penske Automotive Group by 6.0%, owning 53,041 shares valued at approximately $9.11 million as of its latest SEC filing.
• Research analysts have raised their price targets for Penske Automotive Group, with Bank of America setting a new target of $205.00 and Benchmark increasing theirs to $190.00, both maintaining a "buy" rating.
• Penske Automotive Group recently increased its quarterly dividend to $1.32 per share, representing an annual yield of 3.0%, reflecting a boost from the previous dividend of $1.26.

Janney Montgomery Scott LLC lessened its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 6.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 53,041 shares of the company's stock after selling 3,364 shares during the quarter. Janney Montgomery Scott LLC owned about 0.08% of Penske Automotive Group worth $9,113,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Cambridge Investment Research Advisors Inc. increased its holdings in Penske Automotive Group by 9.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock valued at $485,000 after buying an additional 295 shares during the period. Teacher Retirement System of Texas increased its holdings in Penske Automotive Group by 15.8% in the 1st quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company's stock valued at $1,729,000 after buying an additional 1,639 shares during the period. KBC Group NV increased its holdings in Penske Automotive Group by 33.4% in the 1st quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after buying an additional 250 shares during the period. SG Americas Securities LLC bought a new position in Penske Automotive Group in the 1st quarter valued at about $648,000. Finally, Avantax Advisory Services Inc. bought a new position in Penske Automotive Group in the 1st quarter valued at about $247,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Analysts Set New Price Targets

PAG has been the topic of several research reports. Benchmark lifted their price target on shares of Penske Automotive Group from $185.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Bank of America upped their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Morgan Stanley upped their price objective on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Stephens reiterated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price objective for the stock from $155.00 to $175.00 in a research report on Tuesday, August 5th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $184.33.

Penske Automotive Group Trading Down 0.4%

NYSE:PAG opened at $174.17 on Friday. The firm's fifty day moving average is $178.90 and its 200-day moving average is $168.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51. The firm has a market cap of $11.50 billion, a P/E ratio of 12.12 and a beta of 0.88.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.56 by $0.22. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The company had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the previous year, the company earned $3.61 EPS. Penske Automotive Group's quarterly revenue was down .4% compared to the same quarter last year. Equities analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, August 15th. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio is presently 36.74%.

Insiders Place Their Bets

In other Penske Automotive Group news, Director Lisa Ann Davis sold 1,604 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Hulgrave sold 1,100 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the transaction, the chief financial officer owned 18,922 shares in the company, valued at approximately $3,454,211.10. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. 51.70% of the stock is owned by insiders.

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.

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