Aviva PLC Invests $1.25 Million in Penske Automotive Group, Inc. (NYSE:PAG)

Aviva PLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 1st quarter, Holdings Channel.com reports. The firm purchased 8,812 shares of the company’s stock, valued at approximately $1,250,000.

Several other institutional investors have also added to or reduced their stakes in the company. Treasurer of the State of North Carolina boosted its holdings in shares of Penske Automotive Group by 0.7% in the 1st quarter. Treasurer of the State of North Carolina now owns 11,275 shares of the company’s stock worth $1,599,000 after purchasing an additional 80 shares during the period. Mariner LLC boosted its holdings in shares of Penske Automotive Group by 4.2% in the 4th quarter. Mariner LLC now owns 2,373 shares of the company’s stock worth $273,000 after purchasing an additional 95 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Penske Automotive Group by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 2,605 shares of the company’s stock worth $369,000 after purchasing an additional 98 shares during the period. ETF Managers Group LLC boosted its holdings in Penske Automotive Group by 1.5% during the 1st quarter. ETF Managers Group LLC now owns 7,779 shares of the company’s stock valued at $1,103,000 after acquiring an additional 116 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in Penske Automotive Group by 4.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 2,969 shares of the company’s stock valued at $292,000 after acquiring an additional 124 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Penske Automotive Group Trading Down 0.1 %

Shares of NYSE PAG opened at $159.02 on Friday. The firm has a market cap of $10.70 billion, a PE ratio of 9.07 and a beta of 1.23. The company has a quick ratio of 0.24, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Penske Automotive Group, Inc. has a twelve month low of $94.49 and a twelve month high of $180.84. The business has a fifty day simple moving average of $168.50 and a two-hundred day simple moving average of $151.99.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, July 26th. The company reported $4.41 EPS for the quarter, topping the consensus estimate of $3.98 by $0.43. The firm had revenue of $7.47 billion during the quarter, compared to analyst estimates of $7.20 billion. Penske Automotive Group had a return on equity of 29.07% and a net margin of 4.30%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.93 EPS. Analysts expect that Penske Automotive Group, Inc. will post 16.57 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Thursday, August 10th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.81%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, August 9th. Penske Automotive Group’s payout ratio is presently 16.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PAG shares. Morgan Stanley boosted their price objective on Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. Benchmark boosted their price objective on Penske Automotive Group from $175.00 to $196.00 and gave the company a “buy” rating in a report on Friday, July 28th. Bank of America boosted their price objective on Penske Automotive Group from $175.00 to $205.00 in a report on Thursday, July 6th. Stephens cut Penske Automotive Group from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $156.00 to $185.00 in a report on Wednesday, July 19th. Finally, StockNews.com raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued 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 target price of $166.60.

Insider Transactions at Penske Automotive Group

In other news, President Robert H. Kurnick, Jr. sold 10,997 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $166.12, for a total value of $1,826,821.64. Following the completion of the transaction, the president now directly owns 36,181 shares of the company’s stock, valued at approximately $6,010,387.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director John Barr sold 3,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $163.49, for a total transaction of $490,470.00. Following the transaction, the director now directly owns 712 shares in the company, valued at approximately $116,404.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Robert H. Kurnick, Jr. sold 10,997 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $166.12, for a total value of $1,826,821.64. Following the sale, the president now owns 36,181 shares in the company, valued at approximately $6,010,387.72. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company’s stock.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.