Logan Capital Management Inc. Has $1.76 Million Stock Holdings in 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. trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 22.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,234 shares of the company's stock after selling 3,616 shares during the quarter. Logan Capital Management Inc.'s holdings in Penske Automotive Group were worth $1,761,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Penske Automotive Group by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock worth $54,751,000 after purchasing an additional 84,045 shares during the period. Nuveen LLC purchased a new position in shares of Penske Automotive Group during the first quarter worth approximately $10,004,000. Moran Wealth Management LLC raised its stake in shares of Penske Automotive Group by 65.4% during the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after acquiring an additional 60,734 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Penske Automotive Group by 21,771.8% during the first quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock worth $8,251,000 after acquiring an additional 57,042 shares in the last quarter. Finally, Burgundy Asset Management Ltd. grew its holdings in shares of Penske Automotive Group by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock worth $124,331,000 after purchasing an additional 56,669 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Trading Down 0.8%

PAG stock opened at $186.21 on Wednesday. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $189.51. 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 market capitalization of $12.30 billion, a price-to-earnings ratio of 12.96 and a beta of 0.89. The business has a 50 day simple moving average of $178.98 and a two-hundred day simple moving average of $166.21.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating 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 firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same period in the prior year, the company earned $3.61 EPS. The company's quarterly revenue was down .4% compared to the same quarter last year. Research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group declared that its Board of Directors has approved a share repurchase program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are usually a sign 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 was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were given a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. This represents a $5.28 dividend on an annualized basis and a yield of 2.8%. Penske Automotive Group's dividend payout ratio is 36.74%.

Insider Activity

In other Penske Automotive Group news, Director Lisa Ann Davis sold 1,604 shares of the firm's stock in a transaction dated 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 sale, the director owned 1,529 shares of the company's stock, valued at approximately $276,351.46. This trade represents a 51.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $3,454,211.10. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PAG has been the topic of several recent analyst reports. Bank of America raised their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Morgan Stanley boosted their target price on Penske Automotive Group from $180.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. JPMorgan Chase & Co. raised shares of 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. Finally, Citigroup increased their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group presently has an average rating of "Moderate Buy" and an average price target of $181.00.

Penske Automotive Group 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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