SkyOak Wealth LLC Decreases Stake in Penske Automotive Group, Inc. (NYSE:PAG)

SkyOak Wealth LLC lessened its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 6.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,486 shares of the company’s stock after selling 175 shares during the quarter. SkyOak Wealth LLC’s holdings in Penske Automotive Group were worth $370,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in Penske Automotive Group by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,186 shares of the company’s stock valued at $672,000 after buying an additional 73 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Penske Automotive Group by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock worth $838,000 after acquiring an additional 84 shares during the period. Fifth Third Bancorp raised its holdings in 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 purchasing an additional 91 shares during the last quarter. State of Michigan Retirement System raised its holdings in Penske Automotive Group by 2.1% during the first quarter. State of Michigan Retirement System now owns 4,800 shares of the company’s stock worth $778,000 after purchasing an additional 100 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its position in Penske Automotive Group by 1.5% during the second quarter. Linden Thomas Advisory Services LLC now owns 6,985 shares of the company’s stock worth $1,041,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insider Buying and Selling at Penske Automotive Group

In related news, Director John Barr sold 716 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total value of $122,228.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 51.70% of the stock is owned by company insiders.

Penske Automotive Group Stock Performance

NYSE:PAG opened at $157.61 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The firm has a market cap of $10.54 billion, a PE ratio of 10.96 and a beta of 1.16. The firm has a 50 day simple moving average of $161.10 and a 200-day simple moving average of $155.41. Penske Automotive Group, Inc. has a 1-year low of $137.95 and a 1-year high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, beating the consensus estimate of $3.39 by $0.22. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The company had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.59 billion. During the same period in the previous year, the firm posted $4.41 EPS. Penske Automotive Group’s revenue was up 3.1% on a year-over-year basis. On average, equities analysts expect that Penske Automotive Group, Inc. will post 13.79 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 2.72%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date was Thursday, August 15th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 29.76%.

Analysts Set New Price Targets

PAG has been the subject of several research reports. Bank of America lifted their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. lifted their price objective 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. Finally, Stephens started coverage on Penske Automotive Group in a report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group presently has a consensus rating of “Hold” and an average target price of $162.40.

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.