Sei Investments Co., a prominent figure in the investment industry, has reduced its stake in Penske Automotive Group, Inc. by 2.3% in the first quarter of the year. This information was disclosed in the company’s most recent filing with the Securities and Exchange Commission (SEC). The investment firm currently holds 44,877 shares of Penske Automotive Group, with an estimated value of $7,270,000.
In addition to Sei Investments Co., various institutional investors and hedge funds have made adjustments to their holdings of the stock. For example, Vanguard Group Inc. saw an increase of 0.3% in its shares of Penske Automotive Group, while other entities such as Burgundy Asset Management Ltd., Goldman Sachs Group Inc., and Norges Bank have also made significant modifications to their holdings. Collectively, institutional investors and hedge funds presently own 77.08% of Penske Automotive Group.
Financial experts have shared their insights on the future of Penske Automotive Group. Bank of America, for example, raised their price target on the company’s stock, giving it a “buy” rating. Some analysts have issued a “sell” rating, while others have remained neutral, and a few have issued a “buy” rating. Overall, the consensus from analysts points to a “Hold” rating, with an average target price of $157.75.
Penske Automotive Group’s recent financial performance has also been scrutinized, particularly as the company reported its quarterly earnings data. The figures revealed lower-than-expected earnings per share (EPS) for the quarter, falling short of analyst estimates. However, the company’s quarterly revenue saw a slight increase from the previous year. Despite the missed estimates, sell-side analysts anticipate a positive future for Penske Automotive Group, with a projected earnings per share of 13.39 for the current year.
Furthermore, the company has announced an increase in its quarterly dividend, offering shareholders a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 2.47%, reflecting the company’s confidence in its financial standing.
Penske Automotive Group, Inc. is a diversified transportation services company with a global presence. Operating through automotive and commercial truck dealerships, the company holds franchise agreements with various automotive manufacturers and distributors.
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In conclusion, Penske Automotive Group’s recent movements in the stock market and financial decisions have certainly captured the attention of investors and industry experts alike. With its diverse portfolio and global reach, the company continues to be a notable player in the ever-evolving world of transportation services and dealership operations. As the market landscape changes, it will be interesting to see how Penske Automotive Group adapts and thrives in the future.