Charles Schwab Investment Management Inc. Has $21.23 Million Holdings in Penske Automotive Group, Inc. $PAG

Charles Schwab Investment Management Inc. raised its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 147,470 shares of the company’s stock after purchasing an additional 1,891 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.22% of Penske Automotive Group worth $21,233,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Moran Wealth Management LLC lifted its stake in shares of 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 buying an additional 60,734 shares during the period. GAMMA Investing LLC lifted its position in shares of Penske Automotive Group by 21,771.8% in the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company’s stock worth $8,251,000 after acquiring an additional 57,042 shares during the period. Millennium Management LLC lifted its position in shares of Penske Automotive Group by 43.9% in the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company’s stock worth $19,555,000 after acquiring an additional 39,113 shares during the period. Northern Trust Corp grew its holdings in shares of Penske Automotive Group by 18.5% during the 4th quarter. Northern Trust Corp now owns 155,560 shares of the company’s stock worth $23,714,000 after purchasing an additional 24,274 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Penske Automotive Group by 3.5% during the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company’s stock valued at $92,487,000 after purchasing an additional 20,506 shares during the period. Institutional investors own 77.08% of the company’s stock.

Insider Activity at Penske Automotive Group

In other news, EVP Shane M. Spradlin sold 3,158 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Roger S. Penske sold 77,357 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the sale, the chief executive officer owned 140,042 shares of the company’s stock, valued at approximately $22,598,577.54. This represents a 35.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,748 shares of company stock worth $13,748,660. Insiders own 51.70% of the company’s stock.

Penske Automotive Group Trading Down 0.8%

Shares of NYSE PAG opened at $180.8520 on Friday. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $186.55. The company has a 50-day moving average of $175.46 and a two-hundred day moving average of $164.69. The company has a market cap of $11.94 billion, a PE ratio of 12.59 and a beta of 0.87. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.22. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the company earned $3.61 EPS. As a group, equities analysts expect 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 initiated a share repurchase program on Wednesday, May 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 2.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.28 annualized dividend and a 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 (DPR) is presently 36.74%.

Wall Street Analysts Forecast Growth

PAG has been the subject of several research reports. Morgan Stanley raised their target price on Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, August 14th. Citigroup increased their target price on Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Bank of America lifted their price objective on Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a report on Monday, June 16th. Stephens reaffirmed an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $155.00 to $175.00 in a research report on Tuesday, August 5th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $181.00.

Penske Automotive Group Profile

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.