Wealth Enhancement Advisory Services LLC Decreases Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,164 shares of the company’s stock after selling 817 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Penske Automotive Group were worth $940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PAG. Norges Bank purchased a new stake in Penske Automotive Group during the 4th quarter worth $22,049,000. Moran Wealth Management LLC purchased a new position in Penske Automotive Group in the 4th quarter valued at about $14,157,000. Bank of New York Mellon Corp boosted its position in Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock valued at $40,179,000 after buying an additional 51,720 shares during the last quarter. Millennium Management LLC boosted its position in Penske Automotive Group by 43.9% in the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company’s stock valued at $19,555,000 after buying an additional 39,113 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Penske Automotive Group by 17.4% in the 4th 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 during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Roger S. Penske sold 77,357 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the sale, the chief executive officer now owns 140,042 shares in the company, valued at $22,598,577.54. This represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Greg C. Smith sold 1,529 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The disclosure for this sale can be found here. Insiders have sold a total of 80,415 shares of company stock worth $12,967,930 over the last quarter. 51.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, March 27th. Stephens reissued an “equal weight” rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research report on Monday, May 5th. Finally, Citigroup increased their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group presently has an average rating of “Moderate Buy” and an average price target of $167.00.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $167.09 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $180.12. The company’s 50-day simple moving average is $157.07 and its 200-day simple moving average is $159.24. The stock has a market capitalization of $11.06 billion, a price-to-earnings ratio of 12.15 and a beta of 0.91.

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

Penske Automotive Group announced that its board has authorized a stock repurchase program on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were paid a dividend of $1.26 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 3.02%. Penske Automotive Group’s dividend payout ratio is 35.49%.

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.