Private Management Group Inc. Sells 3,087 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Private Management Group Inc. lessened its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 189,651 shares of the company’s stock after selling 3,087 shares during the period. Private Management Group Inc. owned about 0.28% of Penske Automotive Group worth $30,803,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PAG. Gabelli Funds LLC lifted its position 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 purchasing an additional 5,000 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Penske Automotive Group by 15.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,466 shares of the company’s stock worth $4,935,000 after purchasing an additional 4,057 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Penske Automotive Group in the 2nd quarter worth $1,516,000. Manning & Napier Advisors LLC purchased a new position in Penske Automotive Group in the 2nd quarter worth about $3,742,000. Finally, Aristeia Capital L.L.C. purchased a new stake in Penske Automotive Group in the second quarter worth approximately $626,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Price Performance

NYSE PAG traded down $0.06 during trading hours on Friday, reaching $150.51. The company’s stock had a trading volume of 142,824 shares, compared to its average volume of 161,473. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.22. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $179.72. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 11.53 and a beta of 1.17. The company’s 50-day moving average is $157.83 and its two-hundred day moving average is $155.74.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The company had revenue of $7.59 billion during the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.90 EPS. On average, equities analysts predict that Penske Automotive Group, Inc. will post 13.72 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be paid a $1.19 dividend. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change 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 3.16%. Penske Automotive Group’s payout ratio is currently 32.80%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Bank of America raised their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Stephens began coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their target price for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th.

About Penske Automotive Group

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.