Penske Automotive Group, Inc. (PAG) Position Raised by Bruni J V & Co. Co.
Bruni J V & Co. Co. boosted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 23.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,870 shares of the company’s stock after purchasing an additional 41,732 shares during the period. Penske Automotive Group comprises approximately 2.0% of Bruni J V & Co. Co.’s holdings, making the stock its 19th largest position. Bruni J V & Co. Co. owned about 0.25% of Penske Automotive Group worth $10,364,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Shell Asset Management Co. acquired a new stake in Penske Automotive Group in the third quarter valued at about $560,000. Alpha Windward LLC lifted its position in Penske Automotive Group by 13.4% in the third 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 period. Northwestern Mutual Investment Management Company LLC acquired a new stake in Penske Automotive Group in the second quarter valued at about $14,689,000. Canada Pension Plan Investment Board lifted its position in Penske Automotive Group by 100.0% in the second quarter. Canada Pension Plan Investment Board now owns 23,800 shares of the company’s stock valued at $1,045,000 after purchasing an additional 11,900 shares during the period. Finally, Fiduciary Management Inc. WI lifted its position in Penske Automotive Group by 1.0% in the second quarter. Fiduciary Management Inc. WI now owns 1,457,745 shares of the company’s stock valued at $64,010,000 after purchasing an additional 15,090 shares during the period. Hedge funds and other institutional investors own 41.14% of the company’s stock.
In related news, major shareholder Corp Penske acquired 1,103,996 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was purchased at an average cost of $45.29 per share, for a total transaction of $49,999,978.84. Following the transaction, the insider now directly owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John D. Jr. Carlson sold 7,000 shares of Penske Automotive Group stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.20, for a total value of $323,400.00. Following the transaction, the chief financial officer now owns 24,844 shares of the company’s stock, valued at $1,147,792.80. The disclosure for this sale can be found here. Insiders own 40.70% of the company’s stock.
A number of equities research analysts have recently issued reports on PAG shares. ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Gabelli lifted their price target on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. BidaskClub downgraded shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Berenberg Bank started coverage on shares of Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price target for the company. Finally, Northcoast Research started coverage on shares of Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price target 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 stock has an average rating of “Hold” and a consensus target price of $56.00.
Penske Automotive Group, Inc. (PAG) traded down $0.31 during mid-day trading on Monday, hitting $46.03. 545,600 shares of the stock were exchanged, compared to its average volume of 468,810. Penske Automotive Group, Inc. has a 52 week low of $38.33 and a 52 week high of $56.05. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04. The firm has a market cap of $3,950.00, a P/E ratio of 10.83, a price-to-earnings-growth ratio of 1.65 and a beta of 1.47.
Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.02. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.33 billion. During the same period in the previous year, the firm posted $1.03 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. equities research analysts expect that Penske Automotive Group, Inc. will post 4.3 earnings per share for the current year.
Penske Automotive Group declared that its Board of Directors has initiated a stock buyback program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be given a dividend of $0.33 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Thursday, November 9th. Penske Automotive Group’s payout ratio is currently 30.91%.
Penske Automotive Group 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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