Horizon Kinetics Asset Management LLC Sells 2,501 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Horizon Kinetics Asset Management LLC decreased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,480 shares of the company’s stock after selling 2,501 shares during the quarter. Penske Automotive Group accounts for approximately 0.4% of Horizon Kinetics Asset Management LLC’s portfolio, making the stock its 24th largest position. Horizon Kinetics Asset Management LLC’s holdings in Penske Automotive Group were worth $29,476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CIBC Asset Management Inc grew its stake in Penske Automotive Group by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock worth $316,000 after buying an additional 69 shares in the last quarter. Applied Capital LLC FL raised its position in Penske Automotive Group by 0.4% during the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after purchasing an additional 77 shares in the last quarter. Arizona State Retirement System lifted its stake in Penske Automotive Group by 1.5% during the second quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock worth $838,000 after purchasing an additional 84 shares during the last quarter. Ashton Thomas Private Wealth LLC lifted its stake in Penske Automotive Group by 5.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company’s stock worth $277,000 after purchasing an additional 84 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PAG has been the subject of a number of recent research reports. Stephens started coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their target price for the company from $115.00 to $180.00 in a report on Wednesday, September 25th.

Penske Automotive Group Price Performance

PAG opened at $164.08 on Monday. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of 12.57 and a beta of 1.17. Penske Automotive Group, Inc. has a 1 year low of $142.32 and a 1 year high of $179.72. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The stock’s 50 day simple moving average is $157.35 and its 200 day simple moving average is $156.57.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.90 earnings per share. As a group, analysts predict that Penske Automotive Group, Inc. will post 13.53 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a $1.19 dividend. The ex-dividend date is Friday, November 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a dividend yield of 2.90%. Penske Automotive Group’s dividend payout ratio (DPR) is presently 36.48%.

About Penske Automotive Group

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.