Moran Wealth Management LLC Reduces Position in Penske Automotive Group, Inc. $PAG

Key Points

• Moran Wealth Management LLC cut its stake in Penske Automotive Group by 28% in the first quarter, selling 41,719 shares and ending with 107,210 shares worth about $16.0 million.
• Several analysts remain broadly positive on PAG, with the consensus rating at Moderate Buy and an average price target of $182.62, while recent targets ranged from $160 to $190.
• Penske posted better-than-expected quarterly results, reporting EPS of $3.05 versus $2.91 expected and revenue of $7.86 billion, and it also raised its quarterly dividend to $1.42 per share.

Moran Wealth Management LLC decreased its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 28.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 107,210 shares of the company's stock after selling 41,719 shares during the period. Moran Wealth Management LLC owned approximately 0.16% of Penske Automotive Group worth $16,030,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Navalign LLC acquired a new position in shares of Penske Automotive Group during the 4th quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at approximately $30,000. Rothschild Investment LLC increased its holdings in shares of Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company's stock valued at $38,000 after purchasing an additional 66 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Penske Automotive Group during the first quarter worth approximately $42,000. Finally, Global Retirement Partners LLC lifted its position in Penske Automotive Group by 186.6% during the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company's stock worth $51,000 after buying an additional 209 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Michelle Hulgrave sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer directly owned 17,596 shares in the company, valued at approximately $3,022,992.80. This represents a 7.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The SEC filing for this sale provides additional information. 52.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PAG shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Penske Automotive Group in a research note on Thursday, June 11th. Stephens raised their target price on Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their price target on Penske Automotive Group from $165.00 to $170.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. UBS Group assumed coverage on shares of Penske Automotive Group in a research report on Wednesday, May 27th. They set a "neutral" rating and a $167.00 price target on the stock. Finally, Morgan Stanley reissued an "overweight" rating and issued a $190.00 price objective on shares of Penske Automotive Group in a report on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $182.62.

Penske Automotive Group Price Performance

PAG stock opened at $179.54 on Friday. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $189.51. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. The stock has a market cap of $11.80 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 2.32 and a beta of 0.87. The business has a fifty day moving average of $171.57 and a two-hundred day moving average of $163.38.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.91 by $0.14. The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $7.71 billion. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The company's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.66 EPS. As a group, research analysts anticipate that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th were given a dividend of $1.42 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.40. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, May 26th. Penske Automotive Group's dividend payout ratio (DPR) is 42.39%.

Penske Automotive Group Profile

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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