Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,724 shares of the company’s stock after selling 497 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.06% of Penske Automotive Group worth $5,751,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PAG. Norges Bank acquired a new position in shares of Penske Automotive Group in the fourth quarter worth about $22,049,000. Moran Wealth Management LLC acquired a new position in shares of Penske Automotive Group in the fourth quarter worth about $14,157,000. Bank of New York Mellon Corp lifted its stake in shares of Penske Automotive Group by 24.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after acquiring an additional 51,720 shares in the last quarter. American Century Companies Inc. raised its stake in Penske Automotive Group by 17.4% during the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company’s stock valued at $39,560,000 after buying an additional 38,388 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Penske Automotive Group by 174.9% during the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company’s stock valued at $6,250,000 after buying an additional 26,085 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insider Activity

In related news, Director John Barr sold 1,529 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $162.20 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $180.12. The business has a fifty day simple moving average of $153.82 and a 200 day simple moving average of $159.05. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of 11.80 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. Penske Automotive Group’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $3.21 earnings per share. As a group, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group declared that its board has initiated a share repurchase plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be given a $1.26 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.22. This represents a $5.04 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 35.49%.

Analyst Ratings Changes

PAG has been the topic of several research reports. Wall Street Zen upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. Citigroup upped their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, May 19th. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. Finally, Stephens restated an “equal weight” rating and set a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $167.00.

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.