Janney Montgomery Scott LLC Sells 2,081 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Janney Montgomery Scott LLC trimmed its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,362 shares of the company’s stock after selling 2,081 shares during the period. Janney Montgomery Scott LLC’s holdings in Penske Automotive Group were worth $1,010,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. boosted its position in Penske Automotive Group by 5.7% in the 2nd quarter. BlackRock Inc. now owns 2,097,166 shares of the company’s stock valued at $99,196,000 after buying an additional 113,086 shares during the period. Bank of New York Mellon Corp boosted its position in Penske Automotive Group by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 533,537 shares of the company’s stock valued at $25,236,000 after buying an additional 22,129 shares during the period. Fenimore Asset Management Inc. boosted its position in Penske Automotive Group by 3.3% in the 3rd quarter. Fenimore Asset Management Inc. now owns 411,430 shares of the company’s stock valued at $19,452,000 after buying an additional 12,985 shares during the period. Foresters Investment Management Company Inc. boosted its position in Penske Automotive Group by 15.5% in the 2nd quarter. Foresters Investment Management Company Inc. now owns 397,100 shares of the company’s stock valued at $18,783,000 after buying an additional 53,200 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Penske Automotive Group by 2.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 268,154 shares of the company’s stock valued at $12,684,000 after buying an additional 5,190 shares during the period. Institutional investors own 42.56% of the company’s stock.

In related news, Director Kimberly J. Mcwaters sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $49.25, for a total transaction of $246,250.00. Following the completion of the sale, the director now owns 8,924 shares of the company’s stock, valued at $439,507. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $48.55, for a total transaction of $121,375.00. Following the sale, the executive vice president now directly owns 41,982 shares of the company’s stock, valued at approximately $2,038,226.10. The disclosure for this sale can be found here. Corporate insiders own 42.60% of the company’s stock.

Penske Automotive Group stock opened at $51.04 on Friday. The firm has a 50-day moving average of $47.02 and a two-hundred day moving average of $45.65. Penske Automotive Group, Inc. has a 1 year low of $38.49 and a 1 year high of $53.13. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 1.79 and a beta of 1.29. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.21.

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Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.01. Penske Automotive Group had a net margin of 1.91% and a return on equity of 16.40%. The firm had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.89 billion. During the same quarter in the prior year, the company earned $1.53 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. Research analysts expect that Penske Automotive Group, Inc. will post 5.26 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 8th will be given a dividend of $0.41 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, November 7th. This represents a $1.64 dividend on an annualized basis and a yield of 3.21%. Penske Automotive Group’s dividend payout ratio is presently 29.96%.

Several equities research analysts have issued reports on the stock. Northcoast Research reissued a “buy” rating on shares of Penske Automotive Group in a research report on Thursday, August 1st. Morgan Stanley boosted their price objective on shares of Penske Automotive Group from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Zacks Investment Research raised shares of Penske Automotive Group from a “sell” rating to a “hold” rating and set a $49.00 price objective for the company in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $55.00.

About Penske Automotive Group

Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It 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 primarily in Australia and New Zealand.

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

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