Wells Fargo & Company MN increased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 24.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,610 shares of the company’s stock after purchasing an additional 10,787 shares during the period. Wells Fargo & Company MN owned approximately 0.06% of Penske Automotive Group worth $2,645,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Shell Asset Management Co. purchased a new position in shares of Penske Automotive Group during the 3rd quarter worth about $560,000. Alpha Windward LLC boosted its stake in shares of Penske Automotive Group by 13.4% during the 3rd quarter. Alpha Windward LLC now owns 11,700 shares of the company’s stock worth $557,000 after purchasing an additional 1,380 shares during the period. Gabelli Funds LLC boosted its stake in shares of Penske Automotive Group by 7.5% during the 3rd quarter. Gabelli Funds LLC now owns 158,100 shares of the company’s stock worth $7,521,000 after purchasing an additional 11,091 shares during the period. Columbia Partners L L C Investment Management purchased a new position in shares of Penske Automotive Group during the 3rd quarter worth about $1,957,000. Finally, Keybank National Association OH purchased a new position in shares of Penske Automotive Group during the 3rd quarter worth about $500,000. 41.40% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Shane M. Spradlin sold 3,188 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $47.41, for a total value of $151,143.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Corp Penske purchased 1,103,996 shares of the stock in a transaction dated Friday, October 20th. The stock was acquired at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The disclosure for this purchase can be found here. 40.70% of the stock is owned by insiders.
A number of equities analysts recently commented on the stock. KeyCorp reaffirmed a “hold” rating on shares of Penske Automotive Group in a research note on Wednesday, October 4th. Zacks Investment Research raised shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Northcoast Research initiated coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They issued a “buy” rating and a $56.00 price objective for the company. Berenberg Bank initiated coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 price objective for the company. Finally, ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $56.14.
Shares of Penske Automotive Group, Inc. (NYSE:PAG) opened at $53.31 on Friday. The stock has a market cap of $4,572.29, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group, Inc. has a 52-week low of $38.33 and a 52-week high of $55.26.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. equities research analysts anticipate that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current year.
Penske Automotive Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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Penske Automotive Group Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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