144,643 Shares in Penske Automotive Group, Inc. (NYSE:PAG) Acquired by Norges Bank

Norges Bank bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the fourth quarter, HoldingsChannel.com reports. The firm bought 144,643 shares of the company’s stock, valued at approximately $22,049,000.

Several other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of Penske Automotive Group by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company’s stock worth $40,000 after purchasing an additional 81 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Penske Automotive Group in the 4th quarter worth $40,000. Wilmington Savings Fund Society FSB purchased a new stake in Penske Automotive Group in the 3rd quarter worth $94,000. KBC Group NV lifted its position in shares of Penske Automotive Group by 33.5% in the fourth quarter. KBC Group NV now owns 749 shares of the company’s stock valued at $114,000 after acquiring an additional 188 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Penske Automotive Group by 28.3% in the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock worth $198,000 after acquiring an additional 269 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Insider Transactions at Penske Automotive Group

In other news, Director John Barr sold 1,529 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Claude H. Denker III sold 8,746 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the transaction, the executive vice president now owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 51.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Benchmark started coverage on Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating on the stock. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Stephens restated an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. decreased their target price on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and an average target price of $166.25.

Penske Automotive Group Stock Up 0.3 %

Shares of NYSE:PAG opened at $141.53 on Monday. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 10.29 and a beta of 1.03. Penske Automotive Group, Inc. has a 12 month low of $136.86 and a 12 month high of $180.12. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $160.47 and a 200 day moving average price of $159.13.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.37 by $0.17. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. As a group, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 3.45%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s dividend payout ratio is currently 35.49%.

Penske Automotive Group Company 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.