Penske Automotive Group, Inc. $PAG Stake Lifted by Ethic Inc.

Ethic Inc. lifted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 49.3% during the third quarter, Holdings Channel.com reports. The fund owned 9,015 shares of the company’s stock after purchasing an additional 2,976 shares during the period. Ethic Inc.’s holdings in Penske Automotive Group were worth $1,806,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. StoneX Group Inc. bought a new position in Penske Automotive Group during the 3rd quarter valued at $276,000. Pictet Asset Management Holding SA raised its stake in shares of Penske Automotive Group by 2.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,804 shares of the company’s stock worth $562,000 after buying an additional 67 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Penske Automotive Group in the 3rd quarter worth $208,000. Commonwealth Equity Services LLC raised its stake in shares of Penske Automotive Group by 161.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 6,674 shares of the company’s stock worth $1,337,000 after buying an additional 4,126 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Penske Automotive Group by 5,117.1% in the third quarter. Covestor Ltd now owns 1,826 shares of the company’s stock valued at $366,000 after buying an additional 1,791 shares during the period. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.5%

Shares of Penske Automotive Group stock opened at $213.24 on Friday. The stock’s fifty day moving average is $209.73 and its 200-day moving average is $184.99. The firm has a market capitalization of $14.00 billion, a PE ratio of 16.48 and a beta of 0.92. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.35. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, October 28th. The company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.37 by ($0.01). Penske Automotive Group had a net margin of 2.77% and a return on equity of 14.82%. The company had revenue of $8.42 billion for the quarter, compared to analysts’ expectations of $8.14 billion. During the same period in the prior year, the company earned $3.23 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts anticipate that Penske Automotive Group, Inc. will post 13.39 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $1.46 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $5.84 dividend on an annualized basis and a yield of 2.7%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.44. Penske Automotive Group’s dividend payout ratio (DPR) is 42.01%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PAG shares. Morgan Stanley raised their target price on Penske Automotive Group from $210.00 to $212.00 and gave the company an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. lowered their target price on Penske Automotive Group from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Stephens boosted their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Benchmark downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings lowered shares of Penske Automotive Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, November 2nd. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $214.86.

Penske Automotive Group Company Profile

Penske Automotive Group is an international automotive and commercial vehicle retailer. The company operates franchised dealerships that sell new and used vehicles, along with parts and maintenance, repair, financing and insurance services. Its automotive dealerships represent a range of manufacturers, with a focus on premium and luxury brands. Penske also operates commercial truck dealerships, which sell new and used trucks and provide parts and service to business customers. Founded by Roger Penske, the company serves customers primarily in the United States and also has operations in several international markets, including the United Kingdom, Germany, Italy, Australia and Japan.