BIT Capital GmbH Sells 2,998 Shares of 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 lessened its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 55.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,414 shares of the company's stock after selling 2,998 shares during the quarter. BIT Capital GmbH's holdings in Penske Automotive Group were worth $348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Burgundy Asset Management Ltd. raised its stake in Penske Automotive Group by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 806,860 shares of the company's stock valued at $122,998,000 after buying an additional 13,106 shares during the last quarter. AQR Capital Management LLC grew its holdings in Penske Automotive Group by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after purchasing an additional 20,506 shares during the period. Northern Trust Corp grew its holdings 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. Moran Wealth Management LLC grew its holdings in Penske Automotive Group by 65.4% in the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock valued at $22,116,000 after purchasing an additional 60,734 shares during the period. Finally, Norges Bank purchased a new position in Penske Automotive Group during the fourth quarter worth approximately $22,049,000. Institutional investors own 77.08% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PAG. Citigroup upped their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. 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 report on Monday, June 16th. Stephens restated 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. lowered their price target on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a report on Thursday, July 17th. Finally, Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $175.00.

Insider Activity

In other news, Director Greg C. Smith sold 1,529 shares of the firm'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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Roger S. Penske sold 77,357 shares of Penske Automotive Group stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 140,042 shares of the company's stock, valued at $22,598,577.54. This trade represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,044 shares of company stock worth $13,257,948 over the last ninety days. Corporate insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Up 0.5%

Shares of NYSE PAG opened at $168.26 on Friday. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $186.33. The company has a market cap of $11.13 billion, a P/E ratio of 11.71 and a beta of 0.87. The company has a current ratio of 0.90, a quick ratio of 0.23 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $171.34 and a 200 day moving average price of $163.14.

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

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be paid a dividend of $1.32 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. This represents a $5.28 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, August 15th. Penske Automotive Group's payout ratio is 35.07%.

Penske Automotive Group declared that its board has approved a share buyback program on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are typically 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.

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