Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 54.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,036 shares of the company's stock after selling 5,990 shares during the period. Manning & Napier Advisors LLC's holdings in Penske Automotive Group were worth $725,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PAG. Whittier Trust Co. of Nevada Inc. purchased a new position in Penske Automotive Group in the 4th quarter valued at $40,000. UMB Bank n.a. grew its position in Penske Automotive Group by 421.5% in the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after buying an additional 274 shares during the last quarter. GAMMA Investing LLC grew its position in Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after buying an additional 136 shares during the last quarter. Headlands Technologies LLC purchased a new position in Penske Automotive Group in the 4th quarter valued at $76,000. Finally, Fifth Third Bancorp grew its position in Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after buying an additional 125 shares during the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Price Performance

Shares of NYSE PAG traded up $2.46 during trading on Tuesday, hitting $177.76. 354,709 shares of the company were exchanged, compared to its average volume of 204,258. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.69 and a beta of 0.91. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $180.12. The firm's fifty day moving average price is $162.44 and its 200 day moving average price is $159.62. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.23.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. Penske Automotive Group had a return on equity of 17.80% and a net margin of 3.10%. The business's revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.21 EPS. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were paid a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Tuesday, May 27th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's payout ratio is 35.49%.

Penske Automotive Group declared that its board has authorized a share repurchase plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PAG shares. Stephens reiterated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Bank of America lifted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Citigroup lifted their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, March 27th. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $172.00.

Insider Transactions at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,529 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the completion of the transaction, the executive vice president now owns 36,152 shares in the company, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,044 shares of company stock valued at $13,257,948 in the last 90 days. 52.40% of the stock is currently owned by 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.