Logan Capital Management Inc. Cuts Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Logan Capital Management Inc. cut its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 3.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 17,670 shares of the company’s stock after selling 715 shares during the period. Logan Capital Management Inc.’s holdings in Penske Automotive Group were worth $2,870,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Fifth Third Bancorp raised its stake in shares of Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after acquiring an additional 91 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Penske Automotive Group during the 2nd quarter valued at $69,000. True Wealth Design LLC grew its holdings in shares of Penske Automotive Group by 14,833.3% during the 3rd quarter. True Wealth Design LLC now owns 448 shares of the company’s stock valued at $73,000 after purchasing an additional 445 shares during the last quarter. Transamerica Financial Advisors Inc. raised its position in Penske Automotive Group by 45,300.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company’s stock worth $74,000 after purchasing an additional 453 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Penske Automotive Group in the third quarter worth $94,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PAG. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Benchmark assumed coverage on Penske Automotive Group in a research report on Thursday. They issued a “buy” rating for the company. Finally, Stephens initiated coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Penske Automotive Group currently has an average rating of “Hold” and a consensus price target of $170.25.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $163.28 on Friday. The firm has a 50-day moving average of $159.17 and a 200-day moving average of $157.59. The firm has a market cap of $10.90 billion, a P/E ratio of 12.51 and a beta of 1.18. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period in the previous year, the firm posted $3.90 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.5 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 15th were paid a $1.19 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Friday, November 15th. Penske Automotive Group’s dividend payout ratio is presently 36.48%.

About Penske Automotive Group

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.