Penske Automotive Group, Inc. $PAG Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lessened its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 12.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,613 shares of the company’s stock after selling 3,302 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Penske Automotive Group were worth $3,933,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Burgundy Asset Management Ltd. increased its stake in Penske Automotive Group by 3.1% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 890,356 shares of the company’s stock valued at $152,972,000 after purchasing an additional 26,827 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Penske Automotive Group by 21.1% in the 2nd quarter. AQR Capital Management LLC now owns 681,741 shares of the company’s stock valued at $116,953,000 after acquiring an additional 118,976 shares during the period. Goldman Sachs Group Inc. raised its stake in Penske Automotive Group by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after acquiring an additional 84,045 shares during the last quarter. Norges Bank acquired a new stake in Penske Automotive Group during the 2nd quarter worth about $32,425,000. Finally, Moran Wealth Management LLC grew its stake in Penske Automotive Group by 0.7% during the 3rd quarter. Moran Wealth Management LLC now owns 152,898 shares of the company’s stock valued at $26,590,000 after purchasing an additional 988 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $160.17, for a total transaction of $336,357.00. Following the transaction, the chief financial officer directly owned 16,822 shares of the company’s stock, valued at $2,694,379.74. This trade represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 52.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PAG. Barclays initiated coverage on Penske Automotive Group in a research report on Tuesday, November 11th. They issued an “overweight” rating and a $195.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Penske Automotive Group in a research report on Friday, October 31st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Citigroup boosted their price objective on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, September 25th. Finally, Benchmark raised their target price on Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $184.43.

Penske Automotive Group Trading Down 0.4%

PAG stock opened at $164.79 on Tuesday. The company’s 50-day simple moving average is $162.33 and its 200-day simple moving average is $170.91. The company has a quick ratio of 0.21, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $189.51. The firm has a market cap of $10.85 billion, a P/E ratio of 11.60, a PEG ratio of 2.27 and a beta of 0.92.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $3.23 earnings per share for the quarter, missing the consensus estimate of $3.48 by ($0.25). The business had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. Penske Automotive Group’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 EPS. As a group, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 2nd. Investors of record on Friday, November 14th were paid a $1.38 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $5.52 dividend on an annualized basis and a yield of 3.3%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.32. Penske Automotive Group’s dividend payout ratio is 38.85%.

About Penske Automotive Group

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.