BIT Capital GmbH Has $348,000 Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• BIT Capital GmbH sold 2,998 shares of Penske Automotive Group, reducing its holdings by 55.4% during the 1st quarter, leaving it with 2,414 shares valued at approximately $348,000.
• Several hedge funds, including Burgundy Asset Management Ltd. and AQR Capital Management LLC, increased their stakes in Penske Automotive Group, indicating growing institutional interest in the company.
• Penske Automotive Group recently announced a quarterly dividend increase to $1.32 per share, along with a $250 million share buyback program, suggesting confidence in its valuation by the board.

BIT Capital GmbH trimmed its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 55.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,414 shares of the company's stock after selling 2,998 shares during the period. BIT Capital GmbH's holdings in Penske Automotive Group were worth $348,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in Penske Automotive Group by 421.5% during the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock worth $49,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC increased its position in shares of Penske Automotive Group by 51.9% during the first 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 last quarter. Headlands Technologies LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter valued at about $76,000. Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 31.0% during the first 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 last quarter. Finally, TD Waterhouse Canada Inc. increased its position in shares of Penske Automotive Group by 42.4% during the fourth 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 last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PAG shares. Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Citigroup lifted their price objective 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. Stephens restated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. Bank of America raised their price target 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. Finally, JPMorgan Chase & Co. upgraded Penske Automotive Group from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $155.00 to $175.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $179.00.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $167.10, for a total transaction of $527,701.80. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Roger S. Penske sold 77,357 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total value of $12,483,099.09. Following the sale, the chief executive officer owned 140,042 shares in the company, valued at $22,598,577.54. The trade was a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,044 shares of company stock valued at $13,257,948. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Price Performance

Penske Automotive Group stock traded down $0.78 during mid-day trading on Thursday, hitting $177.36. 36,132 shares of the company were exchanged, compared to its average volume of 242,986. 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's 50 day simple moving average is $172.05 and its two-hundred day simple moving average is $163.42. The company has a market capitalization of $11.71 billion, a P/E ratio of 12.34 and a beta of 0.87. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $186.33.

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

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 3.0%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Friday, August 15th. Penske Automotive Group's dividend payout ratio (DPR) is presently 35.07%.

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

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.