Penske Automotive Group, Inc. $PAG Stock Holdings Decreased by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Penske Automotive Group stake by 44.2% in the third quarter, selling 13,076 shares and ending the period with 16,521 shares valued at $3.31 million.
• Penske reported quarterly revenue of $8.42 billion, up 4.5% year over year and above expectations, while earnings of $3.36 per share narrowly missed the $3.37 consensus estimate.
• The company raised its quarterly dividend from $1.44 to $1.46 per share, equivalent to an annualized yield of about 2.7%. Analysts’ average rating was “Hold,” with an average price target of $214.86.

Alps Advisors Inc. lowered its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 44.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,521 shares of the company's stock after selling 13,076 shares during the quarter. Alps Advisors Inc.'s holdings in Penske Automotive Group were worth $3,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PAG. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Penske Automotive Group during the 2nd quarter worth approximately $35,000. Core Capital Management & Research inc. acquired a new stake in Penske Automotive Group during the 2nd quarter valued at $43,000. Parkside Financial Bank & Trust increased its position in Penske Automotive Group by 57.1% during the second quarter. Parkside Financial Bank & Trust now owns 245 shares of the company's stock worth $44,000 after buying an additional 89 shares in the last quarter. Root Financial Partners LLC purchased a new position in Penske Automotive Group during the third quarter worth $44,000. Finally, Versant Capital Management Inc raised its holdings in shares of Penske Automotive Group by 179.0% in the second quarter. Versant Capital Management Inc now owns 279 shares of the company's stock worth $50,000 after acquiring an additional 179 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $212.82 on Tuesday. The company has a market cap of $13.97 billion, a P/E ratio of 16.33 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, Inc. has a 52 week low of $140.12 and a 52 week high of $227.00. The business has a fifty day simple moving average of $209.94 and a 200-day simple moving average of $184.20.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.37 by ($0.01). The business had revenue of $8.42 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the firm earned $3.23 EPS. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.39 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued 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 yield of 2.7%. Penske Automotive Group's payout ratio is presently 42.01%.

Analysts Set New Price Targets

PAG has been the topic of several recent research reports. Benchmark downgraded Penske Automotive Group from a "buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Morgan Stanley lifted their price objective on Penske Automotive Group from $210.00 to $212.00 and gave the stock an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. cut their target price on shares of Penske Automotive Group from $215.00 to $210.00 and set a "neutral" rating for the company in a research note on Tuesday, October 6th. Barclays upped their target price on shares of Penske Automotive Group from $210.00 to $212.00 and gave the company an "overweight" rating in a report on Tuesday, November 3rd. Finally, UBS Group reaffirmed a "neutral" rating and set a $212.00 price target on shares of Penske Automotive Group in a research note on Friday, October 16th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $214.86.

About Penske Automotive Group

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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