LSV Asset Management Lowers Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• LSV Asset Management has reduced its holdings in Penske Automotive Group (NYSE:PAG) by 2.8%, owning approximately 1.30% of the company after selling 24,600 shares.
• Penske Automotive Group declared a quarterly dividend of $1.32 per share, up from its previous dividend of $1.26, translating to a 3.1% dividend yield.
• The company's stock recently opened at $168.26, with a reported return on equity of 17.43% and net margin of 3.13% in its latest earnings report.

LSV Asset Management trimmed its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 2.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 861,287 shares of the company's stock after selling 24,600 shares during the period. LSV Asset Management owned approximately 1.30% of Penske Automotive Group worth $124,008,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. LPL Financial LLC boosted its position in shares of Penske Automotive Group by 48.0% during the fourth quarter. LPL Financial LLC now owns 9,638 shares of the company's stock worth $1,469,000 after buying an additional 3,124 shares during the period. Norges Bank purchased a new position in shares of Penske Automotive Group during the fourth quarter worth $22,049,000. Headlands Technologies LLC purchased a new position in shares of Penske Automotive Group during the fourth quarter worth $76,000. ExodusPoint Capital Management LP boosted its position in shares of Penske Automotive Group by 80.6% during the fourth quarter. ExodusPoint Capital Management LP now owns 51,296 shares of the company's stock worth $7,820,000 after buying an additional 22,890 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Penske Automotive Group during the fourth quarter worth $634,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Price Performance

Shares of PAG opened at $168.26 on Friday. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $186.33. The stock's 50 day moving average is $171.34 and its two-hundred day moving average is $163.14. The firm has a market capitalization of $11.13 billion, a PE ratio of 11.71 and a beta of 0.87. The company has a current ratio of 0.90, a quick ratio of 0.23 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced 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 return on equity of 17.43% and a net margin of 3.13%. The company had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same quarter in the previous year, the company earned $3.61 EPS. The firm's revenue for the quarter was down .4% compared to the same quarter last year. Research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be paid a dividend of $1.32 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.28 annualized dividend and a dividend yield of 3.1%. Penske Automotive Group's dividend payout ratio is presently 35.07%.

Penske Automotive Group declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on PAG. Bank of America upped their price target on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Citigroup upped their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Stephens restated an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. cut their price target on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $175.00.

Insider Transactions at Penske Automotive Group

In other news, CEO Roger S. Penske sold 77,357 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 140,042 shares of the company's stock, valued at $22,598,577.54. The trade was a 35.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Greg C. Smith sold 1,529 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock valued at $13,257,948 in the last quarter. 51.70% of the stock is currently owned by corporate insiders.

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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