Invesco Ltd. Sells 10,291 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Invesco Ltd. reduced its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 4.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 216,354 shares of the company’s stock after selling 10,291 shares during the quarter. Invesco Ltd.’s holdings in Penske Automotive Group were worth $32,981,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Highland Capital Management LLC bought a new stake in Penske Automotive Group during the fourth quarter worth about $240,000. Blue Trust Inc. increased its position in Penske Automotive Group by 28.3% during the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock worth $198,000 after buying an additional 269 shares during the last quarter. Merit Financial Group LLC acquired a new position in Penske Automotive Group during the fourth quarter worth approximately $287,000. Sanctuary Advisors LLC bought a new stake in Penske Automotive Group in the third quarter valued at approximately $415,000. Finally, Rhumbline Advisers lifted its position in shares of Penske Automotive Group by 4.7% in the fourth quarter. Rhumbline Advisers now owns 54,063 shares of the company’s stock valued at $8,241,000 after buying an additional 2,446 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Trading Up 1.4 %

PAG stock opened at $151.74 on Friday. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12. The company has a market capitalization of $10.13 billion, a PE ratio of 11.04 and a beta of 1.03. The company’s 50-day simple moving average is $156.70 and its 200 day simple moving average is $158.26. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a $1.22 dividend. The ex-dividend date of this dividend was Monday, February 24th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a yield of 3.22%. Penske Automotive Group’s payout ratio is currently 35.49%.

Insider Activity

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Stephens restated an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a research note on Tuesday, February 18th. JPMorgan Chase & Co. dropped their price objective on shares of 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. Finally, StockNews.com downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of “Hold” and a consensus target price of $166.25.

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.