Penske Automotive Group, Inc. (PAG) Shares Bought by Northern Trust Corp

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Northern Trust Corp grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 27.9% in the second quarter, HoldingsChannel reports. The firm owned 301,848 shares of the company’s stock after purchasing an additional 65,804 shares during the period. Northern Trust Corp’s holdings in Penske Automotive Group were worth $14,141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Penske Automotive Group by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,225,421 shares of the company’s stock valued at $151,115,000 after purchasing an additional 141,161 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Penske Automotive Group by 2.2% in the second quarter. LSV Asset Management now owns 2,698,729 shares of the company’s stock valued at $126,435,000 after purchasing an additional 59,311 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Penske Automotive Group by 18.5% in the second quarter. Victory Capital Management Inc. now owns 2,191,783 shares of the company’s stock valued at $102,685,000 after purchasing an additional 341,693 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Penske Automotive Group by 13.0% in the second quarter. Bank of America Corp DE now owns 573,250 shares of the company’s stock valued at $26,857,000 after purchasing an additional 65,916 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Penske Automotive Group by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 436,418 shares of the company’s stock valued at $20,447,000 after purchasing an additional 1,697 shares in the last quarter. Institutional investors own 42.38% of the company’s stock.

Shares of NYSE:PAG opened at $44.51 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 1.01 and a debt-to-equity ratio of 0.76. Penske Automotive Group, Inc. has a 1 year low of $41.74 and a 1 year high of $54.83. The firm has a market cap of $3.83 billion, a P/E ratio of 10.33, a PEG ratio of 1.24 and a beta of 1.49.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Thursday, October 25th. The company reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.04. Penske Automotive Group had a return on equity of 17.76% and a net margin of 3.09%. The business had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.86 billion. Analysts anticipate that Penske Automotive Group, Inc. will post 5.38 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Monday, November 12th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.33%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, November 8th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 33.41%.

Several brokerages recently issued reports on PAG. Morgan Stanley upgraded Penske Automotive Group to a “buy” rating in a report on Tuesday, July 10th. Guggenheim set a $53.00 price objective on Penske Automotive Group and gave the stock a “buy” rating in a report on Friday, July 13th. SunTrust Banks began coverage on Penske Automotive Group in a report on Friday, August 24th. They set a “buy” rating and a $60.00 price objective for the company. Zacks Investment Research lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Monday, October 8th. Finally, ValuEngine lowered Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Penske Automotive Group presently has an average rating of “Hold” and an average price target of $57.60.

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About Penske Automotive Group

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.

Further Reading: Insider Trading – What You Need to Know

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Institutional Ownership by Quarter for Penske Automotive Group (NYSE:PAG)

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