Bank of New York Mellon Corp Increases Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of New York Mellon Corp lifted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 15.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 518,606 shares of the company’s stock after purchasing an additional 68,836 shares during the period. Bank of New York Mellon Corp owned 0.61% of Penske Automotive Group worth $20,911,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Penske Automotive Group by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,061,177 shares of the company’s stock worth $145,069,000 after purchasing an additional 53,146 shares during the period. United Services Automobile Association raised its position in Penske Automotive Group by 131.0% in the 3rd quarter. United Services Automobile Association now owns 13,312 shares of the company’s stock worth $631,000 after purchasing an additional 7,550 shares during the period. LSV Asset Management raised its position in Penske Automotive Group by 0.8% in the 4th quarter. LSV Asset Management now owns 2,746,859 shares of the company’s stock worth $110,753,000 after purchasing an additional 21,725 shares during the period. Vanguard Group Inc raised its position in Penske Automotive Group by 1.8% in the 3rd quarter. Vanguard Group Inc now owns 3,061,177 shares of the company’s stock worth $145,069,000 after purchasing an additional 53,146 shares during the period. Finally, Man Group plc raised its position in Penske Automotive Group by 49.6% in the 3rd quarter. Man Group plc now owns 100,946 shares of the company’s stock worth $4,783,000 after purchasing an additional 33,453 shares during the period. Institutional investors own 44.05% of the company’s stock.

In related news, Director John Barr sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $44.31, for a total transaction of $221,550.00. Following the sale, the director now owns 18,000 shares of the company’s stock, valued at $797,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 42.60% of the company’s stock.

Shares of PAG traded up $0.15 during trading hours on Friday, reaching $45.89. 309,880 shares of the company traded hands, compared to its average volume of 427,841. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 8.59, a PEG ratio of 1.88 and a beta of 1.36. The company has a current ratio of 1.01, a quick ratio of 0.21 and a debt-to-equity ratio of 0.81. Penske Automotive Group, Inc. has a 12 month low of $38.49 and a 12 month high of $53.84.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, February 7th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.05). The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.57 billion. Penske Automotive Group had a net margin of 2.07% and a return on equity of 17.73%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS. On average, research analysts forecast that Penske Automotive Group, Inc. will post 5.53 EPS for the current fiscal year.

A number of equities analysts recently commented on the stock. Zacks Investment Research cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. ValuEngine upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Seaport Global Securities initiated coverage on shares of Penske Automotive Group in a research report on Wednesday, February 13th. They issued a “buy” rating and a $61.00 price objective on the stock. Morgan Stanley decreased their price objective on shares of Penske Automotive Group from $62.00 to $56.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Penske Automotive Group in a research report on Tuesday, February 19th. They issued a “neutral” rating and a $51.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $55.83.

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Penske Automotive Group Profile

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.

See Also: Fundamental Analysis

Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

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