Algert Global LLC Purchases 2,180 Shares of Penske Automotive Group, Inc. $PAG

Key Points

• Algert Global LLC increased its holdings in Penske Automotive Group by 119.7%, acquiring an additional 2,180 shares, bringing its total to 4,001 shares valued at $576,000.
• The company's recently announced quarterly dividend will increase from $1.26 to $1.32, representing an annualized yield of 2.8% with an ex-dividend date on August 15th.
• Penske Automotive Group's stock saw a price target increase from Banks and analysts, with Bank of America boosting it to $205.00 and giving the stock a "buy" rating.

Algert Global LLC raised its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 119.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,001 shares of the company's stock after purchasing an additional 2,180 shares during the period. Algert Global LLC's holdings in Penske Automotive Group were worth $576,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of Penske Automotive Group by 421.5% in the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after acquiring an additional 274 shares during the period. GAMMA Investing LLC increased its holdings in shares of Penske Automotive Group by 51.9% in the 1st 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 increased its holdings in shares of Penske Automotive Group by 31.0% in the 1st 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. increased its holdings in shares of Penske Automotive Group by 42.4% in the 4th 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 purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at $105,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Penske Automotive Group Stock Up 3.4%

Penske Automotive Group stock opened at $187.1050 on Friday. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 13.02 and a beta of 0.87. 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 business has a fifty day moving average price of $175.89 and a 200-day moving average price of $164.78. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $188.43.

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

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a $1.32 dividend. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date is Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a yield of 2.8%. Penske Automotive Group's dividend payout ratio (DPR) is 36.74%.

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

Insider Buying and Selling

In related news, Director Greg C. Smith sold 1,529 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total value of $247,147.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the transaction, the executive vice president 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 have sold a total of 84,748 shares of company stock worth $13,748,660 over the last three months. Corporate insiders own 51.70% of the company's stock.

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.

Want to see what other hedge funds are holding PAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penske Automotive Group, Inc. (NYSE:PAG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.