Penske Automotive Group, Inc. (NYSE:PAG) Shares Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lifted its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 137,800 shares of the company’s stock after purchasing an additional 2,600 shares during the quarter. Lord Abbett & CO. LLC owned 0.16% of Penske Automotive Group worth $6,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the company. IFP Advisors Inc raised its stake in shares of Penske Automotive Group by 0.6% in the second quarter. IFP Advisors Inc now owns 18,404 shares of the company’s stock worth $808,000 after purchasing an additional 109 shares during the last quarter. Lowe Brockenbrough & Co. Inc. raised its stake in shares of Penske Automotive Group by 0.6% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 24,585 shares of the company’s stock worth $1,080,000 after purchasing an additional 135 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Penske Automotive Group by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock worth $110,000 after purchasing an additional 175 shares during the last quarter. Amalgamated Bank raised its stake in shares of Penske Automotive Group by 3.4% in the first quarter. Amalgamated Bank now owns 5,518 shares of the company’s stock worth $258,000 after purchasing an additional 180 shares during the last quarter. Finally, Alpha Windward LLC raised its stake in shares of Penske Automotive Group by 2.6% in the second quarter. Alpha Windward LLC now owns 10,320 shares of the company’s stock worth $453,000 after purchasing an additional 265 shares during the last quarter. Hedge funds and other institutional investors own 41.05% of the company’s stock.

In other Penske Automotive Group news, major shareholder Corp Penske acquired 1,103,996 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was purchased at an average price of $45.29 per share, with a total value of $49,999,978.84. Following the completion of the purchase, the insider now directly owns 11,564,576 shares in the company, valued at approximately $523,759,647.04. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO John D. Jr. Carlson sold 7,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $46.20, for a total value of $323,400.00. Following the completion of the transaction, the chief financial officer now directly owns 24,844 shares of the company’s stock, valued at approximately $1,147,792.80. The disclosure for this sale can be found here. Corporate insiders own 40.70% of the company’s stock.

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PAG has been the subject of a number of research reports. Wells Fargo & Company reiterated a “market perform” rating and set a $46.00 price objective (down previously from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Zacks Investment Research cut Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. ValuEngine cut Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. BidaskClub cut Penske Automotive Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Finally, Northcoast Research started coverage on Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Penske Automotive Group currently has an average rating of “Hold” and an average price target of $56.00.

Penske Automotive Group, Inc. (NYSE PAG) traded down $0.40 during trading hours on Tuesday, reaching $46.20. The company’s stock had a trading volume of 476,400 shares, compared to its average volume of 469,011. Penske Automotive Group, Inc. has a twelve month low of $38.33 and a twelve month high of $56.05. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $3,996.79, a price-to-earnings ratio of 10.97, a PEG ratio of 1.67 and a beta of 1.47.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, October 25th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.02. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.33 billion. Penske Automotive Group had a return on equity of 18.68% and a net margin of 1.75%. Penske Automotive Group’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.03 earnings per share. equities analysts anticipate that Penske Automotive Group, Inc. will post 4.31 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be paid a $0.33 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, November 9th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.86%. Penske Automotive Group’s dividend payout ratio is 30.99%.

Penske Automotive Group announced that its board has approved a share repurchase program on Wednesday, October 25th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Penske Automotive Group Profile

Penske Automotive Group, Inc is an international transportation services company. The Company 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 principally in Australia and New Zealand.

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

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