Northern Trust Corp Has $21.92 Million Stock Position in Penske Automotive Group, Inc. $PAG

Northern Trust Corp reduced its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 2.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 152,209 shares of the company’s stock after selling 3,351 shares during the period. Northern Trust Corp owned approximately 0.23% of Penske Automotive Group worth $21,915,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. raised its holdings in Penske Automotive Group by 421.5% during the 1st quarter. UMB Bank n.a. now owns 339 shares of the company’s stock worth $49,000 after buying an additional 274 shares during the period. GAMMA Investing LLC raised its holdings in shares of Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock valued at $57,000 after purchasing an additional 136 shares during the last quarter. Brooklyn Investment Group raised its holdings in shares of Penske Automotive Group by 353.0% in the first quarter. Brooklyn Investment Group now owns 453 shares of the company’s stock valued at $65,000 after purchasing an additional 353 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Penske Automotive Group by 31.0% in the first quarter. Fifth Third Bancorp now owns 528 shares of the company’s stock valued at $76,000 after purchasing an additional 125 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at approximately $105,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,158 shares of Penske Automotive Group 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 completion of the transaction, the executive vice president directly owned 36,152 shares of the company’s stock, valued at $6,040,999.20. The trade was a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group stock in a transaction on 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. Over the last 90 days, insiders sold 84,748 shares of company stock valued at $13,748,660. 52.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Penske Automotive Group Price Performance

NYSE:PAG opened at $184.35 on Monday. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $189.51. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $177.49 and a 200 day simple moving average of $165.42. The stock has a market capitalization of $12.17 billion, a PE ratio of 12.83 and a beta of 0.89.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, beating 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 business had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.98 billion. During the same period last year, the business earned $3.61 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. On average, research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group announced that its Board of Directors has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 2.9%. This is a positive change 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 dividend payout ratio (DPR) is presently 36.74%.

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.