Hsbc Holdings PLC Sells 9,479 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Hsbc Holdings PLC lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAGFree Report) by 36.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,306 shares of the company’s stock after selling 9,479 shares during the period. Hsbc Holdings PLC’s holdings in Penske Automotive Group were worth $2,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAG. Norges Bank bought a new position in Penske Automotive Group during the fourth quarter worth about $30,844,000. Invesco Ltd. boosted its holdings in Penske Automotive Group by 164.3% during the third quarter. Invesco Ltd. now owns 292,758 shares of the company’s stock worth $48,908,000 after buying an additional 181,995 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Penske Automotive Group by 15,960.7% during the 4th quarter. International Assets Investment Management LLC now owns 66,973 shares of the company’s stock valued at $10,750,000 after purchasing an additional 66,556 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Penske Automotive Group by 206.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 73,531 shares of the company’s stock valued at $12,284,000 after purchasing an additional 49,544 shares in the last quarter. Finally, UBS Group AG lifted its holdings in shares of Penske Automotive Group by 127.5% during the 3rd quarter. UBS Group AG now owns 84,740 shares of the company’s stock valued at $14,157,000 after purchasing an additional 47,488 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PAG shares. Morgan Stanley lifted their price objective on Penske Automotive Group from $107.00 to $115.00 and gave the company an “underweight” rating in a report on Thursday, February 29th. Bank of America lifted their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Penske Automotive Group has an average rating of “Hold” and an average price target of $163.20.

View Our Latest Research Report on Penske Automotive Group

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total transaction of $246,480.00. Following the transaction, the director now owns 716 shares of the company’s stock, valued at approximately $110,299.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 51.70% of the stock is owned by insiders.

Penske Automotive Group Stock Down 0.8 %

Shares of Penske Automotive Group stock opened at $150.42 on Friday. The business’s 50 day simple moving average is $153.37 and its 200 day simple moving average is $153.58. Penske Automotive Group, Inc. has a 52-week low of $137.95 and a 52-week high of $180.84. The firm has a market cap of $10.06 billion, a PE ratio of 10.46 and a beta of 1.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.23 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAGGet Free Report) last announced its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.35 by ($0.14). Penske Automotive Group had a net margin of 3.27% and a return on equity of 21.72%. The firm had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same period in the prior year, the business posted $4.31 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, analysts predict that Penske Automotive Group, Inc. will post 13.37 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Monday, May 20th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Friday, May 17th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.87. Penske Automotive Group’s dividend payout ratio (DPR) is currently 26.70%.

Penske Automotive Group Profile

(Free Report)

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.

Further Reading

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

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