Wells Fargo & Company MN grew its position in Penske Automotive Group, Inc. (NYSE:PAG) by 24.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,610 shares of the company’s stock after buying an additional 10,787 shares during the quarter. Wells Fargo & Company MN owned 0.06% of Penske Automotive Group worth $2,645,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of PAG. The Manufacturers Life Insurance Company lifted its holdings in Penske Automotive Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after buying an additional 175 shares during the last quarter. Federated Investors Inc. PA lifted its holdings in shares of Penske Automotive Group by 5.2% in the 2nd quarter. Federated Investors Inc. PA now owns 8,495 shares of the company’s stock valued at $373,000 after purchasing an additional 420 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Penske Automotive Group by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,390 shares of the company’s stock valued at $676,000 after purchasing an additional 850 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Penske Automotive Group by 17.0% in the 2nd quarter. Amalgamated Bank now owns 6,455 shares of the company’s stock valued at $283,000 after purchasing an additional 937 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Penske Automotive Group by 19.9% in the 3rd quarter. Pacer Advisors Inc. now owns 7,017 shares of the company’s stock valued at $334,000 after purchasing an additional 1,163 shares during the last quarter. 41.52% of the stock is owned by institutional investors and hedge funds.
In other Penske Automotive Group news, CFO John D. Jr. Carlson sold 7,000 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the transaction, the chief financial officer now owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 40.70% of the stock is currently owned by corporate insiders.
Several analysts have recently weighed in on the company. Zacks Investment Research raised Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Friday, October 20th. ValuEngine upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Gabelli boosted their price target on Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Penske Automotive Group currently has an average rating of “Hold” and a consensus target price of $55.00.
Penske Automotive Group, Inc. (NYSE PAG) traded down $3.09 during mid-day trading on Monday, reaching $47.78. The company had a trading volume of 1,247,589 shares, compared to its average volume of 437,373. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $55.22. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.03. The stock has a market cap of $4,100.00, a price-to-earnings ratio of 11.19, a P/E/G ratio of 1.48 and a beta of 1.45.
Penske Automotive Group declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Monday, February 12th will be paid a $0.34 dividend. The ex-dividend date is Friday, February 9th. This represents a $1.36 dividend on an annualized basis and a yield of 2.85%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.33. Penske Automotive Group’s dividend payout ratio is presently 30.91%.
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About Penske Automotive Group
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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