Bessemer Group Inc. Has $2.47 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Bessemer Group Inc. lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 51.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,147 shares of the company's stock after selling 18,432 shares during the quarter. Bessemer Group Inc.'s holdings in Penske Automotive Group were worth $2,469,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Moran Wealth Management LLC increased its position in Penske Automotive Group by 65.4% during the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after acquiring an additional 60,734 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in Penske Automotive Group by 9.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock valued at $485,000 after buying an additional 295 shares during the period. Nilsine Partners LLC increased its holdings in Penske Automotive Group by 17.6% in the 1st quarter. Nilsine Partners LLC now owns 20,653 shares of the company's stock valued at $2,974,000 after buying an additional 3,092 shares during the period. QRG Capital Management Inc. increased its holdings in Penske Automotive Group by 4.8% in the 1st quarter. QRG Capital Management Inc. now owns 3,259 shares of the company's stock valued at $469,000 after buying an additional 150 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in Penske Automotive Group by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 56,405 shares of the company's stock valued at $8,121,000 after buying an additional 638 shares during the period. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG traded up $6.12 on Tuesday, hitting $177.93. The stock had a trading volume of 229,190 shares, compared to its average volume of 204,888. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $180.12. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.23 and a current ratio of 0.90. The firm's 50 day moving average price is $164.69 and its 200-day moving average price is $159.98. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.65 and a beta of 0.91.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.27 by $0.12. The company had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The firm's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.21 EPS. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group declared that its board has initiated a share repurchase plan on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were given a dividend of $1.26 per share. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 2.83%. Penske Automotive Group's dividend payout ratio is 35.49%.

Insider Buying and Selling

In related news, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the transaction, the executive vice president owned 36,152 shares in the company, valued at $6,040,999.20. This represents a 8.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Greg C. Smith sold 1,529 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The disclosure for this sale can be found here. Insiders have sold a total of 82,044 shares of company stock worth $13,257,948 in the last 90 days. Corporate insiders own 52.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PAG. Citigroup boosted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. Bank of America boosted 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. lowered their price target on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Stephens reissued an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. Finally, Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $172.00.

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.