Penske Automotive Group, Inc. $PAG Shares Sold by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. reduced its position in Penske Automotive Group by 29.8%, owning 4,429 shares valued at $638,000 after selling 1,877 shares.
• UST Bank increased its stake by 421.5% and several other institutional investors also raised their holdings, contributing to institutional ownership of 77.08% in the company.
• Penske Automotive Group announced a quarterly dividend increase from $1.26 to $1.32 per share, yielding 2.9%, while also initiating a $250 million share buyback plan.

Advisors Asset Management Inc. decreased its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 29.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,429 shares of the company's stock after selling 1,877 shares during the period. Advisors Asset Management Inc.'s holdings in Penske Automotive Group were worth $638,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PAG. UMB Bank n.a. lifted its position in Penske Automotive Group by 421.5% in the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC raised its position in Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after acquiring an additional 136 shares in the last quarter. Brooklyn Investment Group lifted its holdings in Penske Automotive Group by 353.0% in the first quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after acquiring an additional 353 shares during the period. Fifth Third Bancorp boosted its position in shares of Penske Automotive Group by 31.0% during the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after purchasing an additional 125 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Penske Automotive Group during the 4th quarter worth $105,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PAG has been the subject of several recent analyst reports. Stephens reiterated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Wednesday, June 11th. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $155.00 to $175.00 in a research report on Tuesday, August 5th. Bank of America upped their price target on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Morgan Stanley raised their price target on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Finally, Citigroup lifted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $181.00.

Insiders Place Their Bets

In related news, Director Lisa Ann Davis sold 1,604 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the completion of the sale, the chief financial officer directly owned 18,922 shares in the company, valued at approximately $3,454,211.10. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.40% of the stock is owned by insiders.

Penske Automotive Group Trading Down 0.1%

NYSE:PAG traded down $0.21 on Tuesday, reaching $178.24. The stock had a trading volume of 167,877 shares, compared to its average volume of 186,426. The company has a market cap of $11.77 billion, a price-to-earnings ratio of 12.40 and a beta of 0.89. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. The firm's fifty day moving average is $178.94 and its two-hundred day moving average is $166.71.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, beating 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 business had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the prior year, the firm posted $3.61 earnings per share. The company's quarterly revenue was down .4% compared to the same quarter last year. Equities analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 3.0%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date was Friday, August 15th. Penske Automotive Group's payout ratio is 36.74%.

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.