Eaton Vance Management continued to hold its stake in Penske Automotive Group, Inc. (NYSE:PAG) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,478 shares of the company’s stock at the end of the second quarter. Eaton Vance Management owned 0.06% of Penske Automotive Group worth $2,173,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PAG. FNY Managed Accounts LLC purchased a new position in Penske Automotive Group in the first quarter valued at about $100,000. Meadow Creek Investment Management LLC purchased a new position in Penske Automotive Group in the first quarter valued at about $113,000. Bank of Montreal Can grew its stake in Penske Automotive Group by 10.9% in the first quarter. Bank of Montreal Can now owns 2,787 shares of the company’s stock valued at $131,000 after purchasing an additional 275 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Penske Automotive Group in the second quarter valued at about $206,000. Finally, Paragon Capital Management Ltd purchased a new position in Penske Automotive Group in the second quarter valued at about $233,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.
PAG has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Penske Automotive Group from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, June 9th. ValuEngine downgraded Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub upgraded Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Zacks Investment Research downgraded Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, Wells Fargo & Company restated a “market perform” rating and issued a $46.00 target price (down previously from $54.00) on shares of Penske Automotive Group in a research note on Monday, July 17th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $52.67.
Shares of Penske Automotive Group, Inc. (NYSE:PAG) opened at 44.49 on Wednesday. Penske Automotive Group, Inc. has a 1-year low of $38.33 and a 1-year high of $56.05. The stock’s 50 day moving average price is $41.94 and its 200 day moving average price is $44.11. The company has a market cap of $3.83 billion, a P/E ratio of 10.61 and a beta of 1.46.
Penske Automotive Group (NYSE:PAG) last announced its quarterly 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 return on equity of 19.13% and a net margin of 1.75%. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter last year, the business posted $1.11 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities research analysts forecast that Penske Automotive Group, Inc. will post $4.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Thursday, August 10th were given a $0.32 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.88%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31. Penske Automotive Group’s dividend payout ratio (DPR) is currently 30.55%.
In other news, EVP Claude H. Denker III sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total value of $206,350.00. Following the completion of the transaction, the executive vice president now owns 22,243 shares in the company, valued at $917,968.61. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 40.70% of the company’s stock.
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.
Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG).
Receive News & Ratings for Penske Automotive Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.