Penske Automotive Group, Inc. (NYSE:PAG) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Penske Automotive Group, Inc. (NYSE:PAG) by 13.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,674 shares of the company’s stock after buying an additional 679 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Penske Automotive Group were worth $817,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of PAG. Moran Wealth Management LLC increased its holdings in shares of Penske Automotive Group by 65.4% in the 1st quarter. Moran Wealth Management LLC now owns 153,605 shares of the company’s stock valued at $22,116,000 after acquiring an additional 60,734 shares during the period. GAMMA Investing LLC grew its position in Penske Automotive Group by 21,771.8% during the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company’s stock worth $8,251,000 after purchasing an additional 57,042 shares during the last quarter. Millennium Management LLC increased its stake in Penske Automotive Group by 43.9% in the fourth quarter. Millennium Management LLC now owns 128,283 shares of the company’s stock valued at $19,555,000 after purchasing an additional 39,113 shares during the period. Northern Trust Corp raised its holdings in shares of Penske Automotive Group by 18.5% in the fourth quarter. Northern Trust Corp now owns 155,560 shares of the company’s stock valued at $23,714,000 after buying an additional 24,274 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Penske Automotive Group by 97.8% in the fourth quarter. Renaissance Technologies LLC now owns 45,500 shares of the company’s stock valued at $6,936,000 after buying an additional 22,500 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup boosted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, May 19th. JPMorgan Chase & Co. raised Penske Automotive Group from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $155.00 to $175.00 in a report on Tuesday. Stephens reaffirmed an “equal weight” rating and set a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 23rd. Finally, Bank of America upped their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $179.00.

Insider Buying and Selling at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Shane M. Spradlin sold 3,158 shares of Penske Automotive Group stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $167.10, for a total transaction of $527,701.80. Following the sale, the executive vice president owned 36,152 shares of the company’s stock, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock valued at $13,257,948 over the last quarter. Corporate insiders own 52.40% of the company’s stock.

Penske Automotive Group Stock Up 5.3%

Penske Automotive Group stock opened at $177.37 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $186.33. The company has a market cap of $11.71 billion, a PE ratio of 12.34 and a beta of 0.87. The stock’s 50 day moving average price is $171.74 and its 200 day moving average price is $163.32.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.56 by $0.22. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The firm had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the previous year, the firm earned $3.61 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 3.0%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Friday, August 15th. Penske Automotive Group’s payout ratio is currently 35.07%.

Penske Automotive Group announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.