Magnetar Financial LLC Takes $1.95 Million Position in Penske Automotive Group, Inc. $PAG

Key Points

• Magnetar Financial LLC invested approximately $1.95 million in Penske Automotive Group, acquiring 13,511 shares during the first quarter.
• Penske Automotive Group recently announced an increase in its quarterly dividend from $1.26 to $1.32 per share, reflecting an annualized yield of 2.9%.
• Analysts have given Penske Automotive Group a consensus rating of "Moderate Buy" with a price target of $181.00, with several firms increasing their price objectives in recent reports.

Magnetar Financial LLC purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,511 shares of the company's stock, valued at approximately $1,945,000.

Other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its position in shares of Penske Automotive Group by 15.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,898 shares of the company's stock valued at $747,000 after purchasing an additional 645 shares during the last quarter. Mariner LLC grew its position in shares of Penske Automotive Group by 30.5% in the fourth quarter. Mariner LLC now owns 2,893 shares of the company's stock valued at $441,000 after purchasing an additional 676 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Penske Automotive Group by 5.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,001 shares of the company's stock valued at $1,830,000 after purchasing an additional 631 shares during the last quarter. Northern Trust Corp grew its position in shares of Penske Automotive Group by 18.5% in the fourth quarter. Northern Trust Corp now owns 155,560 shares of the company's stock valued at $23,714,000 after purchasing an additional 24,274 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its position in shares of Penske Automotive Group by 17.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 4,236 shares of the company's stock valued at $646,000 after purchasing an additional 643 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Insiders Place Their Bets

In other Penske Automotive Group news, 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 value of $527,701.80. Following the completion of the transaction, the executive vice president owned 36,152 shares of the company's stock, valued at $6,040,999.20. This represents a 8.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group 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 transaction, the chief financial officer directly owned 18,922 shares in the company, valued at $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. Insiders sold a total of 5,862 shares of company stock valued at $1,018,414 in the last 90 days. Corporate insiders own 52.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stephens reaffirmed an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Morgan Stanley upped their target price 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. Citigroup increased their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. raised Penske Automotive Group from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $155.00 to $175.00 in a research report on Tuesday, August 5th. Finally, Bank of America increased their price target 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. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and an average price target of $181.00.

Penske Automotive Group Price Performance

Shares of PAG stock traded down $1.23 during trading hours on Wednesday, reaching $183.40. The company's stock had a trading volume of 154,749 shares, compared to its average volume of 238,434. The firm's 50 day simple moving average is $177.80 and its 200-day simple moving average is $165.63. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 12.76 and a beta of 0.89. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

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 for the quarter, beating analysts' consensus estimates of $3.56 by $0.22. The firm had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The company's revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $3.61 EPS. Sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group announced that its board has approved a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Penske Automotive Group Increases Dividend

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

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.