State of Wisconsin Investment Board boosted its stake in Penske Automotive Group Inc. (NYSE:PAG) by 288.0% during the third quarter, Holdings Channel reports. The fund owned 97,000 shares of the company’s stock after buying an additional 72,000 shares during the period. State of Wisconsin Investment Board owned approximately 0.11% of Penske Automotive Group worth $4,673,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of PAG. Bank of Montreal Can boosted its position in Penske Automotive Group by 9.0% in the third quarter. Bank of Montreal Can now owns 2,412 shares of the company’s stock valued at $116,000 after buying an additional 200 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Penske Automotive Group during the second quarter valued at $122,000. Panagora Asset Management Inc. purchased a new position in Penske Automotive Group during the second quarter valued at $159,000. Teacher Retirement System of Texas boosted its position in Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock valued at $198,000 after buying an additional 763 shares during the last quarter. Finally, Yorktown Management & Research Co Inc purchased a new position in Penske Automotive Group during the third quarter valued at $202,000. Hedge funds and other institutional investors own 41.25% of the company’s stock.
Penske Automotive Group Inc. (NYSE:PAG) traded up 0.57% during midday trading on Friday, hitting $49.71. 160,476 shares of the company traded hands. Penske Automotive Group Inc. has a 12-month low of $29.29 and a 12-month high of $50.63. The firm has a market capitalization of $4.23 billion, a PE ratio of 13.07 and a beta of 1.41. The stock’s 50-day moving average is $45.99 and its 200-day moving average is $41.55.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.02. Penske Automotive Group had a net margin of 1.64% and a return on equity of 18.88%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period in the prior year, the business posted $0.96 earnings per share. Penske Automotive Group’s revenue was up 3.9% compared to the same quarter last year. Analysts anticipate that Penske Automotive Group Inc. will post $3.91 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be issued a $0.29 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Tuesday, November 8th. Penske Automotive Group’s dividend payout ratio is currently 30.45%.
PAG has been the topic of several research analyst reports. Stifel Nicolaus cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Friday, September 16th. Gabelli cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Thursday, September 15th. Seaport Global Securities initiated coverage on shares of Penske Automotive Group in a report on Tuesday, August 9th. They set a “neutral” rating on the stock. Evercore ISI cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating and set a $39.00 price target on the stock. in a report on Thursday, October 13th. Finally, Zacks Investment Research cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $39.00.
In other news, major shareholder Corp Penske bought 187,764 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were bought at an average cost of $45.24 per share, for a total transaction of $8,494,443.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shane M. Spradlin sold 4,900 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.31, for a total transaction of $236,719.00. The disclosure for this sale can be found here. 37.20% of the stock is currently owned by corporate insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.