Fenimore Asset Management Inc. grew its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 1.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 398,445 shares of the company’s stock after buying an additional 6,185 shares during the quarter. Fenimore Asset Management Inc. owned 0.48% of Penske Automotive Group worth $18,846,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new position in shares of Penske Automotive Group in the 2nd quarter valued at about $442,000. FMR LLC lifted its stake in Penske Automotive Group by 8.6% in the first quarter. FMR LLC now owns 81,243 shares of the company’s stock valued at $3,628,000 after buying an additional 6,436 shares during the last quarter. Private Management Group Inc. lifted its stake in Penske Automotive Group by 1.6% in the first quarter. Private Management Group Inc. now owns 605,809 shares of the company’s stock valued at $27,049,000 after buying an additional 9,558 shares during the last quarter. AlphaCrest Capital Management LLC lifted its stake in Penske Automotive Group by 32.1% in the first quarter. AlphaCrest Capital Management LLC now owns 10,043 shares of the company’s stock valued at $448,000 after buying an additional 2,443 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Penske Automotive Group in the first quarter valued at approximately $617,000. Institutional investors and hedge funds own 44.47% of the company’s stock.
In other news, President Robert H. Kurnick, Jr. sold 8,579 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $46.05, for a total value of $395,062.95. Following the completion of the sale, the president now owns 98,509 shares in the company, valued at $4,536,339.45. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Shane M. Spradlin sold 2,656 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $44.05, for a total value of $116,996.80. The disclosure for this sale can be found here. Corporate insiders own 42.60% of the company’s stock.
Penske Automotive Group (NYSE:PAG) last released its earnings results on Tuesday, July 30th. The company reported $1.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.59 by ($0.17). Penske Automotive Group had a return on equity of 16.56% and a net margin of 2.00%. The business had revenue of $5.76 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter last year, the company posted $1.58 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities analysts predict that Penske Automotive Group, Inc. will post 5.32 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Friday, August 9th will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, August 8th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 3.83%. Penske Automotive Group’s dividend payout ratio is 29.96%.
PAG has been the topic of a number of recent research reports. Zacks Investment Research raised Penske Automotive Group from a “sell” rating to a “hold” rating and set a $46.00 target price on the stock in a report on Tuesday, May 28th. Northcoast Research reissued a “buy” rating on shares of Penske Automotive Group in a report on Thursday, August 1st. ValuEngine lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Thursday, July 11th. Finally, Morgan Stanley upped their price objective on Penske Automotive Group from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Penske Automotive Group has a consensus rating of “Hold” and an average target price of $54.17.
Penske Automotive Group Profile
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.
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