Penske Automotive Group, Inc. $PAG Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. increased its position in Penske Automotive Group, Inc. (NYSE:PAG) by 0.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,004,832 shares of the company’s stock after purchasing an additional 5,641 shares during the period. Vanguard Group Inc. owned 3.03% of Penske Automotive Group worth $288,656,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Moran Wealth Management LLC boosted its stake in Penske Automotive Group by 65.4% in the first 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 boosted its stake in Penske Automotive Group by 21,771.8% in the first quarter. GAMMA Investing LLC now owns 57,304 shares of the company’s stock valued at $8,251,000 after acquiring an additional 57,042 shares during the period. Millennium Management LLC boosted 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 acquiring an additional 39,113 shares during the period. Northern Trust Corp boosted its stake in 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 acquiring an additional 24,274 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Penske Automotive Group by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company’s stock valued at $92,487,000 after acquiring an additional 20,506 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. JPMorgan Chase & Co. upgraded Penske Automotive Group from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $155.00 to $175.00 in a research note on Tuesday, August 5th. Wall Street Zen upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. Citigroup lifted their target price 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. Stephens restated an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Finally, Bank of America lifted their price target on Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a report on Monday, June 16th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.00.

Insider Activity

In other news, EVP Shane M. Spradlin sold 3,158 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the transaction, the executive vice president directly owned 36,152 shares in the company, valued at $6,040,999.20. The trade was a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Greg C. Smith sold 1,529 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were 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 82,044 shares of company stock worth $13,257,948 in the last ninety days. Corporate insiders own 51.70% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $180.34 on Monday. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $186.55. The stock has a market cap of $11.91 billion, a price-to-earnings ratio of 12.55 and a beta of 0.87. The stock’s 50 day moving average price is $174.36 and its 200 day moving average price is $164.21. 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 (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $7.98 billion. During the same quarter in the previous year, the business posted $3.61 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be issued a dividend of $1.32 per share. The ex-dividend date is Friday, August 15th. This represents a $5.28 annualized dividend and a dividend yield of 2.9%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.26. Penske Automotive Group’s dividend payout ratio is presently 36.74%.

Penske Automotive Group announced that its Board of Directors has initiated a share buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is 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.