KLP Kapitalforvaltning AS Boosts Stock Position in Penske Automotive Group, Inc. $PAG

Key Points

• KLP Kapitalforvaltning AS increased its stake in Penske Automotive Group by 80.5%, now owning 7,400 shares valued at approximately $1.27 million.
• Several analysts have provided positive ratings and increased price targets for Penske Automotive Group, with a consensus rating of "Moderate Buy" and an average price target of $184.33.
• The company recently declared a quarterly dividend of $1.32 per share, which represents an annualized yield of 3.1%, up from the previous dividend of $1.26.

KLP Kapitalforvaltning AS increased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 80.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,400 shares of the company's stock after purchasing an additional 3,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Penske Automotive Group were worth $1,271,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC purchased a new stake in Penske Automotive Group during the 2nd quarter worth about $34,000. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group during the 1st quarter worth about $42,000. GAMMA Investing LLC increased its position in Penske Automotive Group by 51.9% during the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after purchasing an additional 136 shares in the last quarter. UMB Bank n.a. increased its position in Penske Automotive Group by 18.6% during the 2nd quarter. UMB Bank n.a. now owns 402 shares of the company's stock worth $69,000 after purchasing an additional 63 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in Penske Automotive Group by 353.0% during the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company's stock worth $65,000 after purchasing an additional 353 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PAG. Weiss Ratings restated a "buy (b+)" rating on shares of Penske Automotive Group in a report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $155.00 to $175.00 in a report on Tuesday, August 5th. Morgan Stanley lifted their price target on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Citigroup lifted their price target on Penske Automotive Group from $200.00 to $206.00 and gave the company a "buy" rating in a report on Thursday, September 25th. Finally, Bank of America lifted their price target on Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a report on Monday, June 16th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $184.33.

Insider Buying and Selling

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,100 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the completion of the transaction, the chief financial officer owned 18,922 shares in the company, valued at $3,454,211.10. This represents a 5.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lisa Ann Davis sold 1,604 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the transaction, the director owned 1,529 shares of the company's stock, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. The disclosure for this sale can be found here. 52.40% of the stock is owned by corporate insiders.

Penske Automotive Group Stock Up 1.7%

Shares of NYSE:PAG opened at $168.49 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $189.51. The stock has a market capitalization of $11.13 billion, a P/E ratio of 11.73 and a beta of 0.88. The stock has a 50-day simple moving average of $178.91 and a 200-day simple moving average of $169.08.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $7.66 billion during the quarter, compared to analysts' expectations of $7.98 billion. During the same quarter in the previous year, the business earned $3.61 EPS. The company's revenue for the quarter was down .4% on a year-over-year basis. Equities analysts forecast 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 was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were issued a $1.32 dividend. The ex-dividend date was Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a yield of 3.1%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.74%.

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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