Crestline Management LP Makes New Investment in Penske Automotive Group, Inc. (NYSE:PAG)

Crestline Management LP purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,409 shares of the company's stock, valued at approximately $2,044,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PAG. BNP Paribas Financial Markets increased its position in Penske Automotive Group by 64.6% during the fourth quarter. BNP Paribas Financial Markets now owns 36,474 shares of the company's stock valued at $5,560,000 after acquiring an additional 14,321 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Penske Automotive Group in the 4th quarter worth $278,000. Mercer Global Advisors Inc. ADV grew its holdings in Penske Automotive Group by 9.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,140 shares of the company's stock valued at $631,000 after purchasing an additional 346 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in shares of Penske Automotive Group by 17.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 4,236 shares of the company's stock valued at $646,000 after acquiring an additional 643 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Penske Automotive Group by 3.5% in the 4th quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock worth $92,487,000 after buying an additional 20,506 shares during the period. Institutional investors own 77.08% of the company's stock.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the business'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 completion of the transaction, the executive vice president now owns 28,917 shares in the company, valued at $5,003,508.51. The trade was a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Barr sold 1,529 shares of the company'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 disclosure for this sale can be found here. Company insiders own 52.40% of the company's stock.

Penske Automotive Group Price Performance

Shares of PAG stock traded up $0.82 on Friday, reaching $159.49. The company's stock had a trading volume of 144,976 shares, compared to its average volume of 195,401. The stock's fifty day simple moving average is $152.50 and its 200-day simple moving average is $158.26. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $180.12. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of 11.60 and a beta of 0.90. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. During the same period in the previous year, the firm posted $3.21 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. Analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were paid a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 3.06%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group's dividend payout ratio (DPR) is presently 34.37%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PAG shares. StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Stephens reiterated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Monday, May 5th. JPMorgan Chase & Co. dropped their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, March 27th. Finally, Citigroup assumed coverage on shares of Penske Automotive Group in a report on Wednesday, April 23rd. They issued a "buy" rating and a $185.00 price target on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $165.00.

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.