Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. cut its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 51.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Penske Automotive Group in the 4th quarter valued at about $40,000. UMB Bank n.a. lifted its stake in 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 buying an additional 274 shares in the last quarter. GAMMA Investing LLC lifted its stake in 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 buying an additional 136 shares in the last quarter. Headlands Technologies LLC purchased a new position in Penske Automotive Group in the 4th quarter valued at about $76,000. Finally, Fifth Third Bancorp lifted its stake in 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 buying an additional 125 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of Penske Automotive Group stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the completion of the sale, the executive vice president now owns 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 sold 82,044 shares of company stock worth $13,257,948 in the last 90 days. Insiders own 51.70% of the company's stock.

Penske Automotive Group Price Performance

PAG traded up $0.28 during trading on Friday, reaching $173.59. The company's stock had a trading volume of 287,915 shares, compared to its average volume of 204,516. The firm has a fifty day simple moving average of $163.81 and a two-hundred day simple moving average of $159.83. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.67 and a beta of 0.91. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion during 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 business's revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.21 EPS. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

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

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a dividend of $1.26 per share. The ex-dividend date was Tuesday, May 27th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.

Wall Street Analysts Forecast Growth

PAG has been the topic of a number of research reports. Bank of America raised 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. Stephens reissued an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Wednesday, June 11th. JPMorgan Chase & Co. decreased their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, March 27th. Wall Street Zen raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Finally, Citigroup raised their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $172.00.

Penske Automotive Group Company 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.