AlphaQuest LLC Decreases Stake in Penske Automotive Group, Inc. $PAG

AlphaQuest LLC lessened its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 83.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,513 shares of the company’s stock after selling 7,425 shares during the quarter. AlphaQuest LLC’s holdings in Penske Automotive Group were worth $260,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of Penske Automotive Group by 9.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company’s stock worth $485,000 after acquiring an additional 295 shares during the period. Teacher Retirement System of Texas grew its stake in Penske Automotive Group by 15.8% in the first quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company’s stock worth $1,729,000 after purchasing an additional 1,639 shares in the last quarter. KBC Group NV increased its holdings in Penske Automotive Group by 33.4% during the 1st quarter. KBC Group NV now owns 999 shares of the company’s stock worth $144,000 after purchasing an additional 250 shares during the period. Ethic Inc. increased its holdings in Penske Automotive Group by 5.3% during the 2nd quarter. Ethic Inc. now owns 2,110 shares of the company’s stock worth $366,000 after purchasing an additional 106 shares during the period. Finally, Avantax Advisory Services Inc. bought a new stake in Penske Automotive Group during the 1st quarter valued at $247,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PAG shares. Morgan Stanley increased their price target 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. JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Penske Automotive Group in a research report on Friday. Benchmark upped their price target on shares of Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Finally, Citigroup increased their price objective on shares of Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $185.17.

Insider Activity

In other Penske Automotive Group news, Director Lisa Ann Davis sold 1,604 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This trade represents a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michelle Hulgrave sold 1,100 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the sale, the chief financial officer owned 18,922 shares in the company, valued at $3,454,211.10. The trade was a 5.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 51.70% of the company’s stock.

Penske Automotive Group Trading Down 0.6%

NYSE PAG opened at $160.12 on Friday. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51. The company has a 50 day moving average price of $175.11 and a 200 day moving average price of $171.08. The company has a quick ratio of 0.21, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market cap of $10.57 billion, a PE ratio of 11.27 and a beta of 0.88.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, October 29th. The company reported $3.23 earnings per share for the quarter, missing the consensus estimate of $3.48 by ($0.25). Penske Automotive Group had a net margin of 3.08% and a return on equity of 16.84%. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.71 billion. During the same quarter last year, the business earned $3.39 earnings per share. Penske Automotive Group’s revenue was up 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th will be given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.32. Penske Automotive Group’s payout ratio is 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.