521 Shares in Penske Automotive Group, Inc. (NYSE:PAG) Bought by WFA Asset Management Corp

WFA Asset Management Corp acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 521 shares of the company’s stock, valued at approximately $84,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Penske Automotive Group by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock worth $326,800,000 after buying an additional 5,399 shares in the last quarter. Burgundy Asset Management Ltd. grew its position in shares of Penske Automotive Group by 3.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 755,463 shares of the company’s stock valued at $121,259,000 after purchasing an additional 27,055 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Penske Automotive Group by 6.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 300,476 shares of the company’s stock valued at $48,229,000 after purchasing an additional 18,310 shares during the last quarter. Norges Bank purchased a new position in Penske Automotive Group during the fourth quarter worth approximately $30,844,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Penske Automotive Group by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 142,246 shares of the company’s stock worth $22,832,000 after acquiring an additional 3,844 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Bank of America raised their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $163.20.

Penske Automotive Group Stock Down 0.1 %

PAG traded down $0.17 on Wednesday, reaching $146.46. The company’s stock had a trading volume of 46,943 shares, compared to its average volume of 195,129. The company has a quick ratio of 0.23, a current ratio of 0.98 and a debt-to-equity ratio of 0.30. Penske Automotive Group, Inc. has a fifty-two week low of $137.95 and a fifty-two week high of $180.84. The stock has a 50 day moving average of $151.82 and a two-hundred day moving average of $153.01. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 10.19 and a beta of 1.18.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.21 EPS for the quarter, missing the consensus estimate of $3.35 by ($0.14). Penske Automotive Group had a return on equity of 21.72% and a net margin of 3.27%. The company had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.52 billion. During the same quarter in the prior year, the business earned $4.31 earnings per share. Penske Automotive Group’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts forecast that Penske Automotive Group, Inc. will post 13.39 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Monday, May 20th were given a $0.96 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, May 17th. This represents a $3.84 annualized dividend and a yield of 2.62%. Penske Automotive Group’s dividend payout ratio is 26.70%.

Penske Automotive Group Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.