Bank of New York Mellon Corp Decreases Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of New York Mellon Corp reduced its position in Penske Automotive Group, Inc. (NYSE:PAG) by 9.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 202,264 shares of the company’s stock after selling 21,308 shares during the period. Bank of New York Mellon Corp owned 0.30% of Penske Automotive Group worth $33,703,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in Penske Automotive Group during the second quarter valued at approximately $584,000. Nemes Rush Group LLC purchased a new stake in Penske Automotive Group during the second quarter valued at approximately $167,000. State of New Jersey Common Pension Fund D raised its position in Penske Automotive Group by 9.0% during the second quarter. State of New Jersey Common Pension Fund D now owns 17,333 shares of the company’s stock valued at $2,888,000 after purchasing an additional 1,429 shares during the period. Kornitzer Capital Management Inc. KS purchased a new stake in Penske Automotive Group during the second quarter valued at approximately $208,000. Finally, Alaska Permanent Fund Corp purchased a new stake in Penske Automotive Group during the second quarter valued at approximately $2,599,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Down 0.1 %

Shares of NYSE:PAG opened at $151.89 on Thursday. Penske Automotive Group, Inc. has a 52-week low of $105.97 and a 52-week high of $180.84. The stock has a market cap of $10.21 billion, a P/E ratio of 9.01, a price-to-earnings-growth ratio of 2.68 and a beta of 1.23. The business’s 50 day moving average is $156.21 and its 200 day moving average is $156.73. The company has a quick ratio of 0.26, a current ratio of 1.01 and a debt-to-equity ratio of 0.34.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be paid a $0.79 dividend. The ex-dividend date is Thursday, November 9th. This represents a $3.16 annualized dividend and a yield of 2.08%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.72. Penske Automotive Group’s dividend payout ratio is 17.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Morgan Stanley upped their price objective on Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a research report on Wednesday, August 9th. StockNews.com started coverage on Penske Automotive Group in a report on Thursday, October 5th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. reduced their price target on Penske Automotive Group from $145.00 to $140.00 and set an “underweight” rating on the stock in a report on Tuesday, October 31st. Benchmark reiterated a “buy” rating and issued a $196.00 price target on shares of Penske Automotive Group in a report on Thursday, October 26th. Finally, Stephens downgraded Penske Automotive Group from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $156.00 to $185.00 in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Penske Automotive Group presently has an average rating of “Hold” and an average target price of $166.60.

Insider Buying and Selling

In related news, President Robert H. Kurnick, Jr. sold 10,997 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $166.12, for a total value of $1,826,821.64. Following the transaction, the president now owns 36,181 shares of the company’s stock, valued at $6,010,387.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 46.60% of the stock is owned by insiders.

Penske Automotive Group Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.