AlphaQuest LLC Increases Stock Position in Penske Automotive Group, Inc. $PAG

Key Points

• AlphaQuest LLC increased its holdings in Penske Automotive Group by acquiring an additional 8,936 shares, bringing its total to 8,938 shares valued at approximately $1.29 million.
• Analyst ratings are predominantly positive, with four firms rating it as a Buy and a consensus price target raised several times, currently around $181.00.
• Penske Automotive declared a quarterly dividend of $1.32 per share, an increase from the previous dividend of $1.26, translating to an annualized yield of 2.8%.

AlphaQuest LLC raised its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 446,800.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,938 shares of the company's stock after acquiring an additional 8,936 shares during the period. AlphaQuest LLC's holdings in Penske Automotive Group were worth $1,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Penske Automotive Group by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,004,832 shares of the company's stock worth $288,656,000 after purchasing an additional 5,641 shares during the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Penske Automotive Group by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock worth $124,331,000 after acquiring an additional 56,669 shares during the last quarter. AQR Capital Management LLC lifted its position in Penske Automotive Group by 3.5% during the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock worth $92,487,000 after buying an additional 20,506 shares in the last quarter. Invesco Ltd. lifted its position in Penske Automotive Group by 3.4% during the first quarter. Invesco Ltd. now owns 223,630 shares of the company's stock worth $32,198,000 after buying an additional 7,276 shares in the last quarter. Finally, Northern Trust Corp raised its position in Penske Automotive Group by 18.5% in the fourth quarter. Northern Trust Corp now owns 155,560 shares of the company's stock valued at $23,714,000 after purchasing an additional 24,274 shares during the period. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock traded up $0.97 during trading on Wednesday, reaching $188.22. The company's stock had a trading volume of 218,694 shares, compared to its average volume of 239,742. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $189.51. 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 cap of $12.43 billion, a price-to-earnings ratio of 13.10 and a beta of 0.87. The business's fifty day moving average price is $176.57 and its 200-day moving average price is $165.06.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, beating 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 company had revenue of $7.66 billion during the quarter, compared to analysts' expectations of $7.98 billion. During the same quarter in the previous year, the company posted $3.61 earnings per share. Penske Automotive Group's quarterly revenue was down .4% compared to the same quarter last year. As a group, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current 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 an increase from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date is Friday, August 15th. This represents a $5.28 annualized dividend and a yield of 2.8%. Penske Automotive Group's dividend payout ratio (DPR) is 36.74%.

Penske Automotive Group declared that its board has authorized a stock repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Penske Automotive Group 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 transaction, the chief executive officer directly owned 140,042 shares of the company's stock, valued at $22,598,577.54. This represents a 35.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the transaction, the chief financial officer directly owned 18,922 shares in the company, valued at $3,454,211.10. This represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,748 shares of company stock worth $13,748,660 in the last three months. Insiders own 52.40% 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.