Allspring Global Investments Holdings LLC Decreases Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) by 27.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,383 shares of the company’s stock after selling 4,374 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Penske Automotive Group were worth $1,120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PAG. Belpointe Asset Management LLC purchased a new stake in Penske Automotive Group during the 2nd quarter valued at approximately $678,000. US Bancorp DE raised its stake in Penske Automotive Group by 16.6% during the 2nd quarter. US Bancorp DE now owns 2,295 shares of the company’s stock valued at $240,000 after acquiring an additional 326 shares during the last quarter. Lazard Asset Management LLC raised its stake in Penske Automotive Group by 153.4% during the 2nd quarter. Lazard Asset Management LLC now owns 299 shares of the company’s stock valued at $31,000 after acquiring an additional 181 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in Penske Automotive Group by 2.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,615 shares of the company’s stock valued at $1,216,000 after acquiring an additional 261 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC raised its stake in Penske Automotive Group by 13.2% during the 2nd quarter. Measured Wealth Private Client Group LLC now owns 5,213 shares of the company’s stock valued at $546,000 after acquiring an additional 609 shares during the last quarter. 32.66% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Price Performance

PAG stock opened at $117.69 on Friday. Penske Automotive Group, Inc. has a 1 year low of $88.58 and a 1 year high of $131.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.25 and a current ratio of 0.98. The stock’s 50 day moving average price is $119.91 and its 200 day moving average price is $113.39. The firm has a market cap of $8.39 billion, a P/E ratio of 6.43, a PEG ratio of 1.76 and a beta of 1.28.

Penske Automotive Group (NYSE:PAG – Get Rating) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $4.61 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.23. Penske Automotive Group had a return on equity of 33.86% and a net margin of 5.14%. The company had revenue of $6.92 billion for the quarter, compared to analyst estimates of $6.79 billion. During the same quarter in the prior year, the company posted $4.46 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 18.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on PAG shares. JPMorgan Chase & Co. dropped their target price on Penske Automotive Group from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, October 6th. StockNews.com cut Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Tuesday, January 10th. Finally, Morgan Stanley lowered their price target on Penske Automotive Group from $93.00 to $88.00 and set an “underweight” rating on the stock in a report on Tuesday, January 17th.

Penske Automotive Group Profile

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Penske Automotive Group, Inc operates as an international transportation services company. Which engages in the distribution of commercial vehicles, diesel engines, gas engines, power systems and related parts & services. It operates through the following segments: Retail Automotive, Retail Commercial Truck, Non-Automotive Investments, and Other.