Oppenheimer Asset Management Inc. Purchases New Stake in Penske Automotive Group, Inc. (PAG)
Oppenheimer Asset Management Inc. bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,098 shares of the company’s stock, valued at approximately $333,000.
Other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in Penske Automotive Group during the fourth quarter valued at $3,270,000. Renaissance Technologies LLC purchased a new stake in Penske Automotive Group during the fourth quarter worth $12,239,000. Guggenheim Capital LLC increased its stake in Penske Automotive Group by 31.8% in the fourth quarter. Guggenheim Capital LLC now owns 15,615 shares of the company’s stock worth $809,000 after buying an additional 3,766 shares during the period. Numeric Investors LLC purchased a new stake in Penske Automotive Group during the fourth quarter worth $907,000. Finally, Norges Bank purchased a new stake in Penske Automotive Group during the fourth quarter worth $10,158,000. Institutional investors own 39.00% of the company’s stock.
Penske Automotive Group, Inc. (NYSE:PAG) traded down 1.52% during mid-day trading on Thursday, hitting $42.21. 384,802 shares of the company traded hands. Penske Automotive Group, Inc. has a one year low of $37.41 and a one year high of $56.05. The firm has a 50 day moving average of $43.45 and a 200 day moving average of $46.72. The firm has a market capitalization of $3.63 billion, a P/E ratio of 10.05 and a beta of 1.48.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, July 27th. The company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.07. Penske Automotive Group had a net margin of 1.75% and a return on equity of 19.13%. The firm had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.44 billion. During the same period last year, the firm posted $1.11 earnings per share. Penske Automotive Group’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts expect that Penske Automotive Group, Inc. will post $4.30 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.32 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Tuesday, August 8th. Penske Automotive Group’s payout ratio is currently 29.59%.
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A number of equities research analysts recently weighed in on the company. Gabelli raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Thursday, April 27th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, April 11th. ValuEngine cut shares of Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company reiterated a “market perform” rating and set a $46.00 target price (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Finally, BidaskClub raised shares of Penske Automotive Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Penske Automotive Group has an average rating of “Hold” and a consensus target price of $52.67.
In other news, President Robert H. Kurnick, Jr. sold 11,172 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $42.48, for a total transaction of $474,586.56. Following the transaction, the president now owns 89,405 shares in the company, valued at $3,797,924.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Shane M. Spradlin sold 1,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $43.64, for a total value of $82,916.00. The disclosure for this sale can be found here. 40.70% of the stock is currently owned by insiders.
About Penske Automotive Group
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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