Invesco Ltd. Acquires 7,276 Shares of Penske Automotive Group, Inc. $PAG

Key Points

• Invesco Ltd. increased its stake in Penske Automotive Group by 3.4%, owning a total of 223,630 shares valued at $32.2 million after purchasing 7,276 shares in the first quarter.
• Penske Automotive Group's CEO Roger S. Penske sold 77,357 shares for over $12 million, resulting in a 35.58% decrease in his position, while insiders collectively sold 82,044 shares worth $13.26 million in the last 90 days.
• Analysts are bullish on Penske with four "Buy" ratings and a consensus price target of $181, while the company recently raised its quarterly dividend to $1.32 per share, up from $1.26.

Invesco Ltd. grew its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 3.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,630 shares of the company's stock after buying an additional 7,276 shares during the period. Invesco Ltd. owned approximately 0.34% of Penske Automotive Group worth $32,198,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Atlas Capital Advisors Inc. grew its stake in Penske Automotive Group by 62.7% in the 1st quarter. Atlas Capital Advisors Inc. now owns 2,418 shares of the company's stock worth $348,000 after buying an additional 932 shares in the last quarter. Cynosure Group LLC boosted its stake in shares of Penske Automotive Group by 14.0% in the 1st quarter. Cynosure Group LLC now owns 2,079 shares of the company's stock valued at $299,000 after purchasing an additional 255 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Penske Automotive Group by 40.5% in the 1st quarter. Deutsche Bank AG now owns 31,150 shares of the company's stock valued at $4,485,000 after purchasing an additional 8,974 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Penske Automotive Group in the 1st quarter valued at $697,000. Finally, Chicago Partners Investment Group LLC boosted its stake in shares of Penske Automotive Group by 6.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 8,163 shares of the company's stock valued at $1,266,000 after purchasing an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Penske Automotive Group Trading Down 0.0%

Penske Automotive Group stock traded down $0.09 during trading hours on Monday, reaching $187.22. The stock had a trading volume of 138,783 shares, compared to its average volume of 241,496. The stock has a market cap of $12.36 billion, a PE ratio of 13.03 and a beta of 0.87. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $188.43. 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 company has a fifty day simple moving average of $176.21 and a 200-day simple moving average of $164.90.

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

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a $1.32 dividend. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date is Friday, August 15th. This represents a $5.28 annualized dividend and a yield of 2.8%. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.74%.

Penske Automotive Group declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PAG has been the subject of a number of research reports. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Citigroup upped their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Bank of America upped their price objective 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. Morgan Stanley upped their price objective on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. raised shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $155.00 to $175.00 in a research note on Tuesday, August 5th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Penske Automotive Group has an average rating of "Moderate Buy" and a consensus target price of $181.00.

Insiders Place Their Bets

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the transaction, the executive vice president directly owned 36,152 shares in the company, valued at approximately $6,040,999.20. This represents a 8.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Roger S. Penske sold 77,357 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total transaction 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. In the last ninety days, insiders sold 84,748 shares of company stock worth $13,748,660. Company insiders own 52.40% of the company's stock.

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.