Gabelli Funds LLC Sells 4,200 Shares of Penske Automotive Group, Inc. $PAG

Gabelli Funds LLC reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 5.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,000 shares of the company’s stock after selling 4,200 shares during the period. Gabelli Funds LLC owned 0.12% of Penske Automotive Group worth $13,739,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. PNC Financial Services Group Inc. increased its holdings in Penske Automotive Group by 2.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company’s stock valued at $561,000 after purchasing an additional 65 shares during the period. Aptus Capital Advisors LLC raised its position in Penske Automotive Group by 5.4% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,261 shares of the company’s stock valued at $219,000 after purchasing an additional 65 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Penske Automotive Group by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock worth $3,167,000 after buying an additional 65 shares during the period. Jones Financial Companies Lllp lifted its holdings in Penske Automotive Group by 11.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 674 shares of the company’s stock worth $116,000 after buying an additional 67 shares during the period. Finally, Truist Financial Corp grew its position in shares of Penske Automotive Group by 2.8% in the 3rd quarter. Truist Financial Corp now owns 2,576 shares of the company’s stock worth $448,000 after buying an additional 70 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $156.77 on Monday. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The stock’s 50 day simple moving average is $162.71 and its two-hundred day simple moving average is $167.27. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.99. The stock has a market cap of $10.31 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 1.63 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, February 11th. The company reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.19 by ($0.28). The firm had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.62 billion. Penske Automotive Group had a return on equity of 15.77% and a net margin of 2.91%.The firm’s revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $3.54 EPS. As a group, analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Wednesday, February 25th were paid a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. This represents a $5.60 annualized dividend and a yield of 3.6%. Penske Automotive Group’s payout ratio is currently 41.48%.

Wall Street Analysts Forecast Growth

PAG has been the topic of several research analyst reports. Bank of America initiated coverage on Penske Automotive Group in a research note on Tuesday, December 9th. They set a “buy” rating and a $195.00 target price on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Finally, Barclays boosted their price objective on shares of Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $184.43.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.