2,101 Shares in Penske Automotive Group, Inc. (NYSE:PAG) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC acquired 2,101 shares of Penske Automotive Group, Inc. valued at approximately $297,000 in the first quarter.
• Penske Automotive Group recently declared a quarterly dividend of $1.32 per share, reflecting a boost from the previous dividend of $1.26.
• The company's CEO, Roger S. Penske, sold 77,357 shares for over $12 million, representing a significant decrease in his ownership.

CCM Investment Group LLC acquired a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,101 shares of the company's stock, valued at approximately $297,000.

Other large investors have also recently bought and sold shares of the company. UMB Bank n.a. boosted its holdings in Penske Automotive Group by 421.5% in the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock worth $49,000 after purchasing an additional 274 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after acquiring an additional 136 shares during the period. Fifth Third Bancorp boosted its holdings in Penske Automotive Group by 31.0% during the first quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after acquiring an additional 125 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in Penske Automotive Group by 42.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock valued at $81,000 after acquiring an additional 158 shares during the period. Finally, State of Wyoming bought a new stake in Penske Automotive Group during the fourth quarter valued at about $105,000. 77.08% of the stock is currently owned by institutional investors.

Penske Automotive Group Stock Down 0.3%

Shares of PAG opened at $174.55 on Monday. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $186.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. The firm has a market capitalization of $11.53 billion, a P/E ratio of 12.15 and a beta of 0.87. The company has a 50-day simple moving average of $172.50 and a 200-day simple moving average of $163.64.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.22. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The firm had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.98 billion. During the same quarter in the prior year, the business posted $3.61 earnings per share. The company's quarterly revenue was down .4% compared to the same quarter last year. On average, equities research analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be given a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 3.0%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Friday, August 15th. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.07%.

Penske Automotive Group announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Bank of America upped their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a report on Monday, June 16th. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price target for the company from $155.00 to $175.00 in a report on Tuesday, August 5th. Citigroup upped their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Wall Street Zen raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Finally, Stephens reaffirmed an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $179.00.

Insider Buying and Selling

In related news, CEO Roger S. Penske sold 77,357 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the completion of the transaction, the chief executive officer owned 140,042 shares of the company's stock, valued at $22,598,577.54. This represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 3,158 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 36,152 shares of the company's stock, valued at $6,040,999.20. This trade represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,044 shares of company stock valued at $13,257,948 over the last quarter. Corporate insiders own 52.40% of the company's stock.

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.

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