Ontario Teachers Pension Plan Board Cuts Position in Penske Automotive Group, Inc. (NYSE:PAG)

Ontario Teachers Pension Plan Board trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 63.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,288 shares of the company’s stock after selling 5,618 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Penske Automotive Group were worth $534,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PAG. Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after purchasing an additional 91 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Penske Automotive Group in the second quarter worth about $69,000. Capital Performance Advisors LLP purchased a new position in Penske Automotive Group in the third quarter valued at about $112,000. Blue Trust Inc. grew its position in shares of Penske Automotive Group by 17.5% during the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after acquiring an additional 113 shares during the period. Finally, Brighton Jones LLC bought a new position in Penske Automotive Group during the third quarter valued at $209,000. 77.08% of the stock is currently owned by institutional investors.

Penske Automotive Group Stock Up 2.3 %

Shares of Penske Automotive Group stock opened at $160.86 on Friday. The stock has a market capitalization of $10.74 billion, a price-to-earnings ratio of 12.33 and a beta of 1.17. The company’s 50 day moving average price is $156.88 and its 200-day moving average price is $156.45. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). The business had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.90 EPS. Equities research analysts forecast that Penske Automotive Group, Inc. will post 13.63 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 2.96%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is currently 36.48%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PAG. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Stephens started coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th.

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.