Logan Capital Management Inc. Sells 3,616 Shares of Penske Automotive Group, Inc. $PAG

Key Points

• Logan Capital Management Inc. decreased its holdings in Penske Automotive Group by 22.8%, now owning 12,234 shares worth approximately $1.76 million.
• Penske Automotive Group reported a quarterly EPS of $3.78, exceeding analyst expectations of $3.56, despite a slight drop in revenue compared to the prior year.
• The company has initiated a $250 million share repurchase program and recently increased its quarterly dividend from $1.26 to $1.32 per share, reflecting confidence in its financial position.

Logan Capital Management Inc. cut its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 22.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,234 shares of the company's stock after selling 3,616 shares during the period. Logan Capital Management Inc.'s holdings in Penske Automotive Group were worth $1,761,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PAG. Northern Trust Corp raised its position in shares of Penske Automotive Group by 18.5% during the fourth quarter. Northern Trust Corp now owns 155,560 shares of the company's stock worth $23,714,000 after purchasing an additional 24,274 shares during the period. Algert Global LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter worth $278,000. BNP Paribas Financial Markets raised its position in shares of Penske Automotive Group by 64.6% during the fourth quarter. BNP Paribas Financial Markets now owns 36,474 shares of the company's stock worth $5,560,000 after purchasing an additional 14,321 shares during the period. Deutsche Bank AG raised its position in shares of Penske Automotive Group by 8.7% during the fourth quarter. Deutsche Bank AG now owns 22,176 shares of the company's stock worth $3,381,000 after purchasing an additional 1,770 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Penske Automotive Group by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 45,552 shares of the company's stock worth $6,944,000 after purchasing an additional 5,983 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on PAG shares. Citigroup upped their price target 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. Stephens reissued 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. JPMorgan Chase & Co. raised Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price target for the company from $155.00 to $175.00 in a research report on Tuesday, August 5th. Morgan Stanley upped their price target on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Finally, Bank of America upped their price target on Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $181.00.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the completion of the sale, the chief financial officer directly owned 18,922 shares of the company's stock, valued at $3,454,211.10. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $180.74, for a total value of $289,906.96. Following the sale, the director directly owned 1,529 shares of the company's stock, valued at $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Stock Down 0.6%

Shares of PAG traded down $1.09 during trading hours on Monday, hitting $178.54. 33,216 shares of the company were exchanged, compared to its average volume of 235,899. The company has a market cap of $11.79 billion, a PE ratio of 12.42 and a beta of 0.89. The firm's 50 day moving average is $179.01 and its 200-day moving average is $166.56. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51. 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 (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping 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 company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same quarter in the prior year, the company posted $3.61 EPS. The firm's revenue was down .4% on a year-over-year basis. On average, equities research analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were given a $1.32 dividend. The ex-dividend date was Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio is 36.74%.

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.