Martingale Asset Management L P Lowers Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Martingale Asset Management L P cut its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 4.8% during the third quarter, HoldingsChannel reports. The fund owned 1,755 shares of the company’s stock after selling 89 shares during the quarter. Martingale Asset Management L P’s holdings in Penske Automotive Group were worth $285,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after purchasing an additional 91 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Penske Automotive Group in the second quarter valued at about $69,000. Transamerica Financial Advisors Inc. boosted its holdings in Penske Automotive Group by 45,300.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock worth $74,000 after acquiring an additional 453 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Penske Automotive Group during the third quarter valued at about $112,000. Finally, Blue Trust Inc. raised its position in shares of Penske Automotive Group by 17.5% in the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after purchasing an additional 113 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price objective 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, Stephens assumed coverage on Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company.

Penske Automotive Group Stock Performance

PAG opened at $166.46 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 12-month low of $142.32 and a 12-month high of $179.72. The firm has a 50 day moving average of $158.54 and a two-hundred day moving average of $157.04. The firm has a market capitalization of $11.11 billion, a PE ratio of 12.76 and a beta of 1.18.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The business had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period last year, the business earned $3.90 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts anticipate that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, November 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is 36.48%.

Penske Automotive Group Company 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.