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. lessened its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 29.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,429 shares of the company's stock after selling 1,877 shares during the quarter. Advisors Asset Management Inc.'s holdings in Penske Automotive Group were worth $638,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PAG. UMB Bank n.a. raised its stake in shares of Penske Automotive Group by 421.5% during the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock worth $49,000 after acquiring an additional 274 shares in the last quarter. GAMMA Investing LLC increased its stake in Penske Automotive Group by 51.9% during the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares in the last quarter. Brooklyn Investment Group increased its stake in Penske Automotive Group by 353.0% during the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after purchasing an additional 353 shares in the last quarter. Fifth Third Bancorp increased its stake in Penske Automotive Group by 31.0% during the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after purchasing an additional 125 shares in the last quarter. Finally, State of Wyoming acquired a new position in Penske Automotive Group during the 4th quarter valued at approximately $105,000. Institutional investors own 77.08% of the company's stock.

Insiders Place Their Bets

In related news, CFO Michelle Hulgrave sold 1,100 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total transaction of $200,805.00. Following the sale, the chief financial officer directly owned 18,922 shares of the company's stock, valued at approximately $3,454,211.10. This represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the sale, the director directly owned 1,529 shares in the company, valued at $276,351.46. This trade represents a 51.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company's stock.

Wall Street Analyst Weigh In

PAG has been the topic of a number of recent analyst reports. Stephens restated an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Citigroup upped their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Morgan Stanley upped their price target on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. 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 research note on Tuesday, August 5th. Finally, 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 research note on Monday, June 16th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $181.00.

Penske Automotive Group Stock Performance

Shares of NYSE:PAG traded down $5.72 during midday trading on Friday, reaching $179.69. The company's stock had a trading volume of 258,715 shares, compared to its average volume of 187,144. The firm has a market capitalization of $11.87 billion, a PE ratio of 12.50 and a beta of 0.89. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $189.51. The stock has a fifty day moving average of $179.01 and a 200 day moving average of $166.55. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

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

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 2.9%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date of this dividend was Friday, August 15th. Penske Automotive Group's payout ratio is currently 36.74%.

Penske Automotive Group 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.