Merit Financial Group LLC raised its position in Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 14.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,155 shares of the company’s stock after acquiring an additional 270 shares during the period. Merit Financial Group LLC’s holdings in Penske Automotive Group were worth $310,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Two Sigma Investments LP lifted its stake in shares of Penske Automotive Group by 21.0% in the fourth quarter. Two Sigma Investments LP now owns 10,253 shares of the company’s stock valued at $1,563,000 after purchasing an additional 1,777 shares during the period. Bank of Montreal Can grew its holdings in shares of Penske Automotive Group by 6.4% during the fourth quarter. Bank of Montreal Can now owns 2,651 shares of the company’s stock worth $404,000 after buying an additional 160 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Penske Automotive Group by 4.7% during the fourth quarter. Rhumbline Advisers now owns 54,063 shares of the company’s stock worth $8,241,000 after buying an additional 2,446 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Penske Automotive Group in the fourth quarter valued at approximately $3,018,000. Finally, Squarepoint Ops LLC grew its holdings in Penske Automotive Group by 4.7% in the fourth quarter. Squarepoint Ops LLC now owns 19,643 shares of the company’s stock valued at $2,994,000 after purchasing an additional 873 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.
Analysts Set New Price Targets
PAG has been the subject of several research reports. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price target on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a report on Thursday, March 27th. Stephens reaffirmed an “equal weight” rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday. Finally, Citigroup increased their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.00.
Penske Automotive Group Stock Down 1.0%
PAG stock opened at $168.31 on Thursday. The firm’s 50-day simple moving average is $158.19 and its 200 day simple moving average is $159.37. The stock has a market cap of $11.14 billion, a PE ratio of 12.24 and a beta of 0.91. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $180.12.
Penske Automotive Group (NYSE:PAG – Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. The firm had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. Penske Automotive Group’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.21 EPS. As a group, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.
Penske Automotive Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were given a dividend of $1.26 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $5.04 annualized dividend and a dividend yield of 2.99%. Penske Automotive Group’s dividend payout ratio (DPR) is 35.49%.
Penske Automotive Group declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Insider Activity
In other news, Director Greg C. Smith sold 1,529 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $167.10, for a total transaction of $527,701.80. Following the completion of the sale, the executive vice president now directly owns 36,152 shares of the company’s stock, valued at $6,040,999.20. This trade represents a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,044 shares of company stock worth $13,257,948. Corporate insiders own 51.70% of the company’s stock.
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.
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