Penske Automotive Group, Inc. $PAG Shares Sold by Keeley Teton Advisors LLC

Key Points

• Keeley Teton Advisors LLC sold 3,003 shares of Penske Automotive Group, reducing its holdings by 20.5% to 11,681 shares valued at $1.68 million.
• Penske Automotive Group announced a quarterly dividend increase to $1.32 per share and initiated a $250 million share repurchase plan, indicating confidence in its stock value.
• Brokerage analysts have a consensus rating of "Moderate Buy" on Penske Automotive Group, with a target price averaging $181.00 per share.

Keeley Teton Advisors LLC cut its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,681 shares of the company's stock after selling 3,003 shares during the period. Keeley Teton Advisors LLC's holdings in Penske Automotive Group were worth $1,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of 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 acquiring an additional 274 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares in the last quarter. Brooklyn Investment Group increased its stake in Penske Automotive Group by 353.0% in the first quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after purchasing an additional 353 shares during the last quarter. Fifth Third Bancorp raised its holdings in Penske Automotive Group by 31.0% during the first quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after purchasing an additional 125 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $105,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Performance

PAG stock traded down $2.66 during trading on Friday, hitting $184.35. The company had a trading volume of 204,020 shares, compared to its average volume of 213,398. The firm has a 50-day moving average price of $177.49 and a 200-day moving average price of $165.49. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The firm has a market cap of $12.17 billion, a PE ratio of 12.83 and a beta of 0.87. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $189.51.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same period last year, the firm posted $3.61 EPS. Penske Automotive Group's quarterly revenue was down .4% on a year-over-year basis. On average, analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be issued a $1.32 dividend. The ex-dividend date is Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's payout ratio is 36.74%.

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

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Bank of America lifted 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. Citigroup boosted their target price on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. 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, August 5th. Finally, Stephens reaffirmed an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $181.00.

Insiders Place Their Bets

In related news, Director Lisa Ann Davis sold 1,604 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the sale, the director owned 1,529 shares of the company's stock, valued at approximately $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $167.10, for a total transaction of $527,701.80. Following the transaction, the executive vice president owned 36,152 shares in the company, valued at $6,040,999.20. The trade was a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,748 shares of company stock worth $13,748,660. Insiders own 51.70% 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.