Penske Automotive Group, Inc. (PAG) Stake Lessened by JPMorgan Chase & Co.
JPMorgan Chase & Co. lowered its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 63.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,507 shares of the company’s stock after selling 137,132 shares during the period. JPMorgan Chase & Co. owned approximately 0.09% of Penske Automotive Group worth $3,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in PAG. Shell Asset Management Co. acquired a new stake in Penske Automotive Group in the 3rd quarter valued at approximately $560,000. Alpha Windward LLC increased its holdings in Penske Automotive Group by 13.4% in the 3rd quarter. Alpha Windward LLC now owns 11,700 shares of the company’s stock valued at $557,000 after purchasing an additional 1,380 shares during the last quarter. Gabelli Funds LLC increased its holdings in Penske Automotive Group by 7.5% in the 3rd quarter. Gabelli Funds LLC now owns 158,100 shares of the company’s stock valued at $7,521,000 after purchasing an additional 11,091 shares during the last quarter. Columbia Partners L L C Investment Management acquired a new stake in Penske Automotive Group in the 3rd quarter valued at approximately $1,957,000. Finally, Keybank National Association OH acquired a new stake in Penske Automotive Group in the 3rd quarter valued at approximately $500,000. Institutional investors and hedge funds own 41.40% of the company’s stock.
Penske Automotive Group, Inc. (NYSE PAG) opened at $47.84 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 0.23. Penske Automotive Group, Inc. has a 1 year low of $38.33 and a 1 year high of $55.26. The company has a market cap of $4,104.00, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 1.61 and a beta of 1.46.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a net margin of 1.75% and a return on equity of 18.68%. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter last year, the company posted $1.03 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. equities research analysts forecast that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current fiscal year.
Penske Automotive Group declared that its Board of Directors has approved a stock buyback plan on Wednesday, October 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Penske Automotive Group news, CFO John D. Jr. Carlson sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the transaction, the chief financial officer now owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corp Penske purchased 1,103,996 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was acquired at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares in the company, valued at $523,759,647.04. The disclosure for this purchase can be found here. Company insiders own 40.70% of the company’s stock.
Several research firms recently weighed in on PAG. Zacks Investment Research downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Tuesday. ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Gabelli lifted their target price on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, October 26th. KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a report on Wednesday, October 4th. Finally, Berenberg Bank began coverage on shares of Penske Automotive Group in a report on Wednesday, October 4th. They issued a “hold” rating and a $52.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.71.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company 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 principally in Australia and New Zealand.
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