203,026 Shares in Penske Automotive Group, Inc. $PAG Bought by Norges Bank

Key Points

• Norges Bank opened a new position in Penske Automotive Group during the fourth quarter, buying 203,026 shares worth about $32.1 million. The stake represented roughly 0.31% of the company.
• Penske Automotive recently reported better-than-expected quarterly results, posting EPS of $3.05 versus estimates of $2.91 and revenue of $7.86 billion versus expectations of $7.71 billion. The company also raised its quarterly dividend to $1.42 per share, up from $1.40.
• Analysts remain mostly positive, with a consensus rating of Moderate Buy and an average price target of $182.63. The stock was trading around $172.65, near the middle of its 12-month range.

Norges Bank bought a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 203,026 shares of the company's stock, valued at approximately $32,137,000. Norges Bank owned 0.31% of Penske Automotive Group as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of PAG. Rothschild Investment LLC increased its stake in Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company's stock worth $38,000 after buying an additional 66 shares in the last quarter. Geode Capital Management LLC increased its stake in Penske Automotive Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 343,070 shares of the company's stock worth $54,315,000 after buying an additional 4,473 shares in the last quarter. New Age Alpha Advisors LLC increased its stake in Penske Automotive Group by 6.4% in the 4th quarter. New Age Alpha Advisors LLC now owns 19,320 shares of the company's stock worth $3,058,000 after buying an additional 1,157 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Penske Automotive Group by 151.2% in the 4th quarter. Hantz Financial Services Inc. now owns 427 shares of the company's stock worth $68,000 after buying an additional 257 shares in the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in Penske Automotive Group in the 4th quarter worth $240,000. 77.08% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the completion of the transaction, the chief financial officer owned 17,596 shares in the company, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays cut their price target on Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. UBS Group assumed coverage on Penske Automotive Group in a research note on Wednesday, May 27th. They issued a "neutral" rating and a $167.00 price target for the company. Weiss Ratings lowered Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, March 16th. Morgan Stanley reiterated an "overweight" rating and issued a $190.00 price target on shares of Penske Automotive Group in a research note on Thursday, May 7th. Finally, Stephens increased their price target on Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $182.63.

Penske Automotive Group Trading Up 1.0%

PAG opened at $172.65 on Tuesday. The firm has a market cap of $11.35 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.21 and a beta of 0.87. Penske Automotive Group, Inc. has a 12 month low of $140.12 and a 12 month high of $189.51. The company has a current ratio of 0.96, a quick ratio of 0.22 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $162.08 and a 200 day moving average of $161.24.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.91 by $0.14. The company had revenue of $7.86 billion during the quarter, compared to analyst estimates of $7.71 billion. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The firm's revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $3.66 earnings per share. As a group, research analysts forecast that Penske Automotive Group, Inc. will post 13.46 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th were given a $1.42 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, May 26th. Penske Automotive Group's dividend payout ratio (DPR) is 42.39%.

Penske Automotive Group Profile

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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