Penske Automotive Group, Inc. $PAG Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group cut its Penske Automotive stake by 28.4% in the third quarter, selling 48,354 shares; it retained 122,143 shares valued at about $24.47 million.
• Analyst sentiment is mixed: four analysts rate PAG a Buy and six a Hold, yielding a consensus Hold rating and a $214.86 average price target.
• Penske reported quarterly revenue of $8.42 billion, up 4.5% year over year, while EPS of $3.36 narrowly missed estimates. It also raised its quarterly dividend to $1.46 per share.

Private Management Group Inc. decreased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 28.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 122,143 shares of the company's stock after selling 48,354 shares during the period. Private Management Group Inc. owned 0.19% of Penske Automotive Group worth $24,470,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PAG. BlackRock Inc. bought a new position in Penske Automotive Group in the 2nd quarter valued at about $417,516,000. Bank of America Corp DE bought a new stake in shares of Penske Automotive Group during the second quarter worth approximately $79,065,000. Bank of New York Mellon Corp bought a new stake in shares of Penske Automotive Group during the second quarter worth approximately $67,822,000. Bruni J V & Co. Co. bought a new stake in shares of Penske Automotive Group during the second quarter worth approximately $30,778,326. Finally, Dimensional Fund Advisors LP grew its position in shares of Penske Automotive Group by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,447,910 shares of the company's stock valued at $216,489,000 after purchasing an additional 154,443 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Analyst Ratings Changes

PAG has been the topic of a number of recent research reports. Barclays increased their target price on Penske Automotive Group from $210.00 to $212.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 3rd. Citigroup downgraded Penske Automotive Group from a "buy" rating to a "neutral" rating and boosted their price target for the company from $199.00 to $210.00 in a research note on Thursday, July 23rd. Morgan Stanley upped their price objective on Penske Automotive Group from $210.00 to $212.00 and gave the company an "equal weight" rating in a report on Monday. Benchmark cut Penske Automotive Group from a "buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on Penske Automotive Group from $215.00 to $210.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 6th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $214.86.

Penske Automotive Group Stock Performance

Shares of NYSE:PAG opened at $212.82 on Tuesday. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The company's 50 day moving average price is $209.94 and its two-hundred day moving average price is $184.20. The firm has a market cap of $13.97 billion, a PE ratio of 15.52 and a beta of 0.92. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.35.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The company reported $3.36 earnings per share for the quarter, missing analysts' consensus estimates of $3.37 by ($0.01). The business had revenue of $8.42 billion during the quarter, compared to analyst estimates of $8.14 billion. Penske Automotive Group had a net margin of 2.77% and a return on equity of 14.82%. The firm's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.23 earnings per share. Equities research analysts predict that Penske Automotive Group, Inc. will post 13.39 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a dividend of $1.46 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.44. The ex-dividend date is Friday, November 13th. This represents a $5.84 dividend on an annualized basis and a yield of 2.7%. Penske Automotive Group's dividend payout ratio is 42.01%.

Penske Automotive Group Profile

Penske Automotive Group is an international automotive and commercial vehicle retailer. The company operates franchised dealerships that sell new and used vehicles, along with parts and maintenance, repair, financing and insurance services.

Its automotive dealerships represent a range of manufacturers, with a focus on premium and luxury brands. Penske also operates commercial truck dealerships, which sell new and used trucks and provide parts and service to business customers.

Founded by Roger Penske, the company serves customers primarily in the United States and also has operations in several international markets, including the United Kingdom, Germany, Italy, Australia and Japan.

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