JPMorgan Chase & Co. Lowers Stock Position in Penske Automotive Group, Inc. $PAG

JPMorgan Chase & Co. cut its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,214 shares of the company’s stock after selling 5,598 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.14% of Penske Automotive Group worth $15,843,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Ethic Inc. grew its holdings in Penske Automotive Group by 5.3% in the second quarter. Ethic Inc. now owns 2,110 shares of the company’s stock worth $366,000 after purchasing an additional 106 shares during the period. Avantax Advisory Services Inc. purchased a new position in shares of Penske Automotive Group during the first quarter valued at approximately $247,000. Trexquant Investment LP bought a new stake in shares of Penske Automotive Group in the 1st quarter worth approximately $471,000. Charles Schwab Investment Management Inc. grew its stake in shares of Penske Automotive Group by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 147,470 shares of the company’s stock worth $21,233,000 after buying an additional 1,891 shares during the last quarter. Finally, Allworth Financial LP increased its position in Penske Automotive Group by 3,351.1% during the 2nd quarter. Allworth Financial LP now owns 49,247 shares of the company’s stock valued at $8,461,000 after buying an additional 47,820 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Performance

Shares of NYSE PAG opened at $164.71 on Friday. The firm’s 50-day moving average price is $164.19 and its 200-day moving average price is $171.30. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $189.51. The company has a market cap of $10.85 billion, a PE ratio of 11.59 and a beta of 0.92. 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 (NYSE:PAG) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $3.23 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.25). Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same quarter last year, the company earned $3.39 EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 2nd. Investors of record on Friday, November 14th were issued a $1.38 dividend. The ex-dividend date of this dividend was Friday, November 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.32. This represents a $5.52 annualized dividend and a dividend yield of 3.4%. Penske Automotive Group’s dividend payout ratio is presently 38.85%.

Analysts Set New Price Targets

PAG has been the topic of several analyst reports. Benchmark boosted 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. Barclays assumed coverage on shares of Penske Automotive Group in a research note on Tuesday, November 11th. They issued an “overweight” rating and a $195.00 price target on the stock. Citigroup raised their price objective on shares of Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Penske Automotive Group in a research note on Friday, October 31st. Finally, Morgan Stanley increased their price target on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $185.86.

Insider Buying and Selling

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $160.17, for a total value of $336,357.00. Following the transaction, the chief financial officer owned 16,822 shares of the company’s stock, valued at approximately $2,694,379.74. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.