Burgundy Asset Management Ltd. Sells 4,496 Shares of Penske Automotive Group, Inc. $PAG

Burgundy Asset Management Ltd. decreased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 0.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 885,860 shares of the company’s stock after selling 4,496 shares during the quarter. Penske Automotive Group accounts for about 1.5% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 24th biggest position. Burgundy Asset Management Ltd. owned about 1.35% of Penske Automotive Group worth $163,361,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PAG. Meixler Investment Management Ltd. bought a new stake in shares of Penske Automotive Group during the third quarter valued at approximately $1,154,000. Bahl & Gaynor Inc. boosted its stake in Penske Automotive Group by 32.7% during the second quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock worth $21,953,000 after buying an additional 31,463 shares in the last quarter. Convergence Investment Partners LLC acquired a new stake in Penske Automotive Group during the third quarter worth $1,157,000. Alps Advisors Inc. bought a new stake in Penske Automotive Group in the 3rd quarter valued at $5,585,000. Finally, Rhumbline Advisers raised its stake in shares of Penske Automotive Group by 15.7% in the 3rd quarter. Rhumbline Advisers now owns 58,783 shares of the company’s stock valued at $10,223,000 after buying an additional 7,978 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PAG shares. JPMorgan Chase & Co. lowered their target price on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Barclays lifted their price objective on Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Finally, Bank of America assumed coverage on Penske Automotive Group in a research note on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Penske Automotive Group presently has an average rating of “Moderate Buy” and an average target price of $184.43.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $158.85 on Thursday. The stock has a 50-day simple moving average of $163.06 and a 200 day simple moving average of $167.73. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.63 and a beta of 0.90. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.19 by ($0.28). Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The company had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.62 billion. During the same quarter in the previous year, the business posted $3.54 EPS. The company’s revenue was down 3.8% compared to the same quarter last year. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Wednesday, February 25th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $5.60 annualized dividend and a yield of 3.5%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. Penske Automotive Group’s dividend payout ratio (DPR) is currently 41.48%.

Penske Automotive Group Profile

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.