Ontario Teachers Pension Plan Board Reduces Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Ontario Teachers Pension Plan Board lowered its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 63.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,288 shares of the company’s stock after selling 5,618 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Penske Automotive Group were worth $534,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PAG. Gabelli Funds LLC increased its holdings in Penske Automotive Group by 6.2% during the first quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock valued at $13,850,000 after buying an additional 5,000 shares during the last quarter. Hyperion Capital Advisors LP bought a new position in Penske Automotive Group in the 1st quarter worth $279,000. Janus Henderson Group PLC lifted its position in Penske Automotive Group by 4.8% during the first quarter. Janus Henderson Group PLC now owns 30,736 shares of the company’s stock valued at $4,980,000 after purchasing an additional 1,405 shares in the last quarter. Tidal Investments LLC bought a new stake in Penske Automotive Group during the first quarter valued at about $954,000. Finally, Cetera Advisors LLC purchased a new stake in Penske Automotive Group in the first quarter worth about $230,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

PAG has been the topic of a number of analyst reports. Stephens initiated coverage on Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th.

Penske Automotive Group Stock Performance

NYSE PAG opened at $160.86 on Friday. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a twelve month low of $142.32 and a twelve month high of $179.72. The business has a 50-day moving average price of $156.88 and a 200-day moving average price of $156.45. The firm has a market cap of $10.74 billion, a price-to-earnings ratio of 12.33 and a beta of 1.17.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). The business had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.90 earnings per share. As a group, equities research analysts predict that Penske Automotive Group, Inc. will post 13.63 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a $1.19 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, November 15th. Penske Automotive Group’s payout ratio is currently 36.48%.

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.