Penske Automotive Group, Inc. (PAG) Major Shareholder Purchases $49,999,978.84 in Stock
Penske Automotive Group, Inc. (NYSE:PAG) major shareholder Corp Penske bought 1,103,996 shares of the company’s stock in a transaction on Friday, October 20th. The stock was bought at an average cost of $45.29 per share, with a total value of $49,999,978.84. Following the completion of the purchase, the insider now owns 11,564,576 shares of the company’s stock, valued at approximately $523,759,647.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Penske Automotive Group, Inc. (NYSE PAG) traded down 0.88% during trading on Monday, hitting $45.14. 650,098 shares of the company traded hands. Penske Automotive Group, Inc. has a 12-month low of $38.33 and a 12-month high of $56.05. The company has a market capitalization of $3.88 billion, a P/E ratio of 10.76 and a beta of 1.45. The stock has a 50 day moving average price of $45.32 and a 200 day moving average price of $43.88.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, July 27th. The company reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.07. The business had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.44 billion. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 EPS. On average, equities analysts anticipate that Penske Automotive Group, Inc. will post $4.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, November 9th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. Penske Automotive Group’s payout ratio is presently 30.55%.
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Hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in shares of Penske Automotive Group by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after purchasing an additional 175 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Penske Automotive Group during the second quarter worth about $206,000. Fox Run Management L.L.C. purchased a new position in shares of Penske Automotive Group during the third quarter worth about $252,000. Paragon Capital Management Ltd purchased a new position in shares of Penske Automotive Group during the second quarter worth about $233,000. Finally, Amalgamated Bank grew its holdings in shares of Penske Automotive Group by 3.4% during the first quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock worth $258,000 after purchasing an additional 180 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.
PAG has been the subject of several analyst reports. Wells Fargo & Company reiterated a “market perform” rating and set a $46.00 price target (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. KeyCorp reiterated a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “sell” rating to a “hold” rating in a report on Friday. Northcoast Research started coverage on shares of Penske Automotive Group in a report on Thursday, September 28th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Berenberg Bank began coverage on shares of Penske Automotive Group in a report on Wednesday, October 4th. They set a “hold” rating and a $52.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Penske Automotive Group presently has a consensus rating of “Hold” and an average price target of $55.83.
About Penske Automotive Group
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.
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