Penske Automotive Group, Inc. $PAG Shares Sold by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors reduced its Penske Automotive Group stake by 22.4% in the third quarter, selling 5,059 shares and retaining 17,571 shares valued at approximately $3.52 million. Institutional investors and hedge funds collectively own 77.08% of PAG.
• Penske reported quarterly revenue of $8.51 billion and EPS of $3.62, exceeding analyst expectations, while revenue increased 11.1% year over year.
• The company raised its quarterly dividend to $1.46 per share, equivalent to an annualized $5.84 payout and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $211.43.

Nisa Investment Advisors LLC cut its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 22.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,571 shares of the company's stock after selling 5,059 shares during the period. Nisa Investment Advisors LLC's holdings in Penske Automotive Group were worth $3,520,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Bank of America Corp DE acquired a new position in Penske Automotive Group in the second quarter worth approximately $79,065,000. Kendall Capital Management acquired a new stake in Penske Automotive Group in the second quarter valued at approximately $1,303,000. Tidal Investments LLC acquired a new stake in Penske Automotive Group in the second quarter valued at approximately $954,000. Jupiter Topco LLC acquired a new stake in Penske Automotive Group in the second quarter valued at approximately $1,518,000. Finally, Renaissance Technologies LLC grew its position in Penske Automotive Group by 15.6% in the first quarter. Renaissance Technologies LLC now owns 81,500 shares of the company's stock worth $12,186,000 after acquiring an additional 11,000 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Penske Automotive Group Stock Up 0.1%

Shares of PAG stock opened at $212.31 on Friday. The stock's 50 day simple moving average is $211.12 and its 200 day simple moving average is $191.66. Penske Automotive Group, Inc. has a twelve month low of $140.12 and a twelve month high of $227.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.21 and a current ratio of 0.98. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 15.63 and a beta of 0.92.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%. The firm had revenue of $8.51 billion during the quarter, compared to analysts' expectations of $7.98 billion. During the same quarter in the prior year, the business earned $3.78 earnings per share. The company's revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that Penske Automotive Group, Inc. will post 13.42 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a $1.46 dividend. The ex-dividend date is Friday, November 13th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.44. This represents a $5.84 dividend on an annualized basis and a dividend yield of 2.8%. Penske Automotive Group's dividend payout ratio is presently 42.42%.

Analysts Set New Price Targets

PAG has been the topic of several analyst reports. Citigroup lowered shares of Penske Automotive Group from a "buy" rating to a "neutral" rating and increased their price target for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Bank of America raised their price target on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Stephens lifted their price objective on shares of Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Penske Automotive Group from $215.00 to $210.00 and set a "neutral" rating for the company in a report on Tuesday, October 6th. Finally, Benchmark cut shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Penske Automotive Group has a consensus rating of "Moderate Buy" and an average target price of $211.43.

Penske Automotive Group Profile

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. Through its retail automotive operations, the company sells new and used cars and trucks representing a range of manufacturers and provides related services, including vehicle maintenance and repair, parts, collision repair, financing, insurance products and extended service contracts.

The company also operates commercial truck dealerships that sell and service new and used trucks and offer parts and maintenance services to commercial customers.

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