Penske Automotive Group Inc. (PAG) Position Cut by Cambiar Investors LLC
Cambiar Investors LLC lowered its position in shares of Penske Automotive Group Inc. (NYSE:PAG) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 745,988 shares of the company’s stock after selling 38,841 shares during the period. Cambiar Investors LLC owned 0.87% of Penske Automotive Group worth $23,469,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the stock. Burgundy Asset Management Ltd. raised its stake in shares of Penske Automotive Group by 9.8% in the first quarter. Burgundy Asset Management Ltd. now owns 2,308,047 shares of the company’s stock worth $87,475,000 after buying an additional 206,686 shares during the period. Fenimore Asset Management Inc. acquired a new stake in shares of Penske Automotive Group during the second quarter worth $4,916,000. OMERS ADMINISTRATION Corp raised its stake in shares of Penske Automotive Group by 834.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 120,600 shares of the company’s stock worth $4,571,000 after buying an additional 107,700 shares during the period. Donaldson Capital Management LLC raised its stake in shares of Penske Automotive Group by 34.5% in the first quarter. Donaldson Capital Management LLC now owns 406,957 shares of the company’s stock worth $15,424,000 after buying an additional 104,452 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Penske Automotive Group by 31.4% in the first quarter. Royal Bank of Canada now owns 430,367 shares of the company’s stock worth $16,311,000 after buying an additional 102,878 shares during the period. Hedge funds and other institutional investors own 40.52% of the company’s stock.
Shares of Penske Automotive Group Inc. (NYSE:PAG) traded up 0.42% during mid-day trading on Monday, hitting $48.38. The company had a trading volume of 519,616 shares. The firm’s 50 day moving average is $46.48 and its 200-day moving average is $39.11. The firm has a market cap of $4.12 billion, a PE ratio of 12.92 and a beta of 1.56. Penske Automotive Group Inc. has a 12-month low of $29.29 and a 12-month high of $51.84.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. Penske Automotive Group had a return on equity of 18.75% and a net margin of 1.65%. The company earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.17 billion. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts expect that Penske Automotive Group Inc. will post $3.89 EPS for the current year.
PAG has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Penske Automotive Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Gabelli lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 15th. Stifel Nicolaus lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 16th. Finally, Seaport Global Securities started coverage on Penske Automotive Group in a research report on Tuesday, August 9th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $48.00.
In other Penske Automotive Group news, CEO Roger S. Penske acquired 151,412 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was acquired at an average price of $39.85 per share, with a total value of $6,033,768.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Corp Penske acquired 220,632 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were acquired at an average cost of $39.35 per share, with a total value of $8,681,869.20. The disclosure for this purchase can be found here. 37.20% of the stock is owned by company insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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