Gabelli Funds LLC Reduces Stake in Penske Automotive Group, Inc. (PAG)

Gabelli Funds LLC reduced its position in Penske Automotive Group, Inc. (NYSE:PAG) by 11.7% during the first quarter, Holdings Channel reports. The institutional investor owned 114,000 shares of the company’s stock after selling 15,100 shares during the period. Gabelli Funds LLC’s holdings in Penske Automotive Group were worth $5,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in Penske Automotive Group by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,291,220 shares of the company’s stock worth $132,702,000 after purchasing an additional 173,979 shares during the period. Vanguard Group Inc. raised its holdings 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. LSV Asset Management raised its holdings 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. Victory Capital Management Inc. raised its holdings in Penske Automotive Group by 4.9% in the 4th quarter. Victory Capital Management Inc. now owns 2,733,103 shares of the company’s stock worth $110,199,000 after purchasing an additional 127,391 shares during the period. Finally, CI Investments Inc. raised its holdings in Penske Automotive Group by 21.7% in the 4th quarter. CI Investments Inc. now owns 1,212,661 shares of the company’s stock worth $48,894,000 after purchasing an additional 216,600 shares during the period. Hedge funds and other institutional investors own 44.12% of the company’s stock.

In related news, Director John Barr sold 5,000 shares of Penske Automotive Group stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $44.31, for a total value of $221,550.00. Following the completion of the transaction, the director now owns 18,000 shares in the company, valued at $797,580. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 42.60% of the company’s stock.

A number of brokerages recently commented on PAG. Zacks Investment Research cut Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Monday. ValuEngine raised Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Morgan Stanley decreased their target price on Penske Automotive Group from $62.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, April 16th. JPMorgan Chase & Co. assumed coverage on Penske Automotive Group in a report on Tuesday, February 19th. They issued a “neutral” rating and a $51.00 target price on the stock. Finally, Seaport Global Securities assumed coverage on Penske Automotive Group in a report on Wednesday, February 13th. They set a “buy” rating and a $61.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $55.83.

PAG opened at $44.79 on Tuesday. The stock has a market capitalization of $3.85 billion, a P/E ratio of 8.39, a P/E/G ratio of 1.89 and a beta of 1.36. Penske Automotive Group, Inc. has a 12 month low of $38.49 and a 12 month high of $53.84. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.80.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.03. The company had revenue of $5.56 billion during the quarter, compared to analyst estimates of $5.74 billion. Penske Automotive Group had a return on equity of 17.38% and a net margin of 2.05%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $1.26 earnings per share. Analysts anticipate that Penske Automotive Group, Inc. will post 5.52 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Monday, May 20th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.56 annualized dividend and a yield of 3.48%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.38. Penske Automotive Group’s dividend payout ratio (DPR) is currently 28.46%.

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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.

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

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