CIBC World Markets Inc. Raises Position in Penske Automotive Group, Inc. (NYSE:PAG)

CIBC World Markets Inc. grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 3.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,481 shares of the company’s stock after buying an additional 562 shares during the quarter. CIBC World Markets Inc.’s holdings in Penske Automotive Group were worth $736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. Quantamental Technologies LLC purchased a new position in Penske Automotive Group during the fourth quarter valued at $89,000. New York State Teachers Retirement System bought a new stake in shares of Penske Automotive Group in the fourth quarter worth $125,000. Xact Kapitalforvaltning AB grew its holdings in shares of Penske Automotive Group by 49.2% in the fourth quarter. Xact Kapitalforvaltning AB now owns 11,216 shares of the company’s stock worth $452,000 after acquiring an additional 3,700 shares during the period. Rhumbline Advisers grew its holdings in shares of Penske Automotive Group by 1.3% in the fourth quarter. Rhumbline Advisers now owns 59,532 shares of the company’s stock worth $2,400,000 after acquiring an additional 780 shares during the period. Finally, LSV Asset Management grew its holdings in shares of Penske Automotive Group by 0.8% in the fourth quarter. LSV Asset Management now owns 2,746,859 shares of the company’s stock worth $110,753,000 after acquiring an additional 21,725 shares during the period. Institutional investors own 44.10% of the company’s stock.

Shares of Penske Automotive Group stock traded down $0.32 during trading hours on Friday, hitting $47.30. The company’s stock had a trading volume of 391,709 shares, compared to its average volume of 275,754. The stock has a 50 day moving average price of $45.09. Penske Automotive Group, Inc. has a 12-month low of $38.49 and a 12-month high of $53.84. The firm has a market cap of $3.96 billion, a P/E ratio of 8.86, a PEG ratio of 1.87 and a beta of 1.32. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.80.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Thursday, April 25th. The company reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.03. Penske Automotive Group had a return on equity of 17.38% and a net margin of 2.05%. The business had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.74 billion. During the same period in the previous year, the business earned $1.26 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. As a group, analysts predict that Penske Automotive Group, Inc. will post 5.5 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Monday, May 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.30%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.38. The ex-dividend date was Friday, May 17th. Penske Automotive Group’s payout ratio is presently 29.21%.

PAG has been the subject of several research analyst reports. Zacks Investment Research lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, May 13th. ValuEngine raised Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Finally, Morgan Stanley cut their price target on Penske Automotive Group from $62.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, April 16th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $54.00.

In related news, President Robert H. Kurnick, Jr. sold 8,579 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $46.05, for a total value of $395,062.95. Following the sale, the president now directly owns 98,509 shares in the company, valued at $4,536,339.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Shane M. Spradlin sold 2,656 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $44.05, for a total value of $116,996.80. The disclosure for this sale can be found here. 42.60% of the stock is currently owned by insiders.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.

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Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

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