Burgundy Asset Management Ltd. Boosts Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Burgundy Asset Management Ltd. boosted its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 1.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 806,860 shares of the company's stock after buying an additional 13,106 shares during the period. Burgundy Asset Management Ltd. owned 1.21% of Penske Automotive Group worth $122,998,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of PAG. Highland Capital Management LLC purchased a new position in shares of Penske Automotive Group in the fourth quarter valued at about $240,000. Blue Trust Inc. lifted its holdings in Penske Automotive Group by 28.3% in the 4th quarter. Blue Trust Inc. now owns 1,221 shares of the company's stock worth $198,000 after purchasing an additional 269 shares in the last quarter. Merit Financial Group LLC bought a new position in Penske Automotive Group in the 4th quarter worth approximately $287,000. Bank of Montreal Can grew its holdings in Penske Automotive Group by 6.4% during the 4th quarter. Bank of Montreal Can now owns 2,651 shares of the company's stock valued at $404,000 after buying an additional 160 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Penske Automotive Group by 4.7% during the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company's stock valued at $8,241,000 after buying an additional 2,446 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 52.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PAG has been the topic of several research reports. Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. JPMorgan Chase & Co. decreased their price objective on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Finally, Citigroup increased their target price on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Penske Automotive Group Trading Down 0.2%

PAG stock traded down $0.29 during midday trading on Wednesday, reaching $163.89. 24,044 shares of the company traded hands, compared to its average volume of 232,406. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of 11.90 and a beta of 0.90. The business has a 50 day moving average of $154.33 and a 200-day moving average of $159.09. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, topping 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 return on equity of 18.05% and a net margin of 3.02%. Penske Automotive Group's quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $3.21 EPS. As a group, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

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

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be issued a dividend of $1.26 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $5.04 annualized dividend and a dividend yield of 3.08%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio is 35.49%.

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.