Canada Pension Plan Investment Board Sells 4,900 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Canada Pension Plan Investment Board cut its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 81.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,100 shares of the company’s stock after selling 4,900 shares during the period. Canada Pension Plan Investment Board’s holdings in Penske Automotive Group were worth $164,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PAG. Burgundy Asset Management Ltd. boosted its holdings in shares of Penske Automotive Group by 1.8% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock worth $115,874,000 after purchasing an additional 13,968 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Penske Automotive Group during the 2nd quarter valued at about $709,000. Hsbc Holdings PLC lifted its position in Penske Automotive Group by 62.4% in the 2nd quarter. Hsbc Holdings PLC now owns 28,035 shares of the company’s stock worth $4,163,000 after buying an additional 10,774 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Penske Automotive Group by 55.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,121 shares of the company’s stock worth $588,000 after buying an additional 1,477 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Penske Automotive Group by 14.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 3,773 shares of the company’s stock worth $562,000 after buying an additional 462 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Trading Up 0.6 %

Shares of PAG opened at $162.87 on Friday. The stock has a market capitalization of $10.87 billion, a P/E ratio of 11.33 and a beta of 1.16. Penske Automotive Group, Inc. has a twelve month low of $137.95 and a twelve month high of $179.72. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $161.86 and a two-hundred day simple moving average of $155.80.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping analysts’ consensus estimates of $3.39 by $0.22. The company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. Penske Automotive Group’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.41 earnings per share. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.83 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were given a $1.07 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.96. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Thursday, August 15th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 29.76%.

Insider Activity

In related news, Director John Barr sold 716 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 51.70% of the company’s stock.

Analyst Upgrades and Downgrades

PAG has been the subject of a number of recent research reports. Stephens started coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective for the company. Bank of America boosted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. 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. Finally, JPMorgan Chase & Co. boosted their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $175.40.

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.