Nilsine Partners LLC Has $2.97 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Nilsine Partners LLC grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 17.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,653 shares of the company's stock after purchasing an additional 3,092 shares during the period. Nilsine Partners LLC's holdings in Penske Automotive Group were worth $2,974,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PAG. Rhumbline Advisers grew its position in shares of Penske Automotive Group by 4.7% during the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company's stock worth $8,241,000 after purchasing an additional 2,446 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Penske Automotive Group by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,055 shares of the company's stock worth $313,000 after purchasing an additional 109 shares in the last quarter. Ieq Capital LLC boosted its position in shares of Penske Automotive Group by 128.9% during the 4th quarter. Ieq Capital LLC now owns 11,973 shares of the company's stock worth $1,825,000 after acquiring an additional 6,743 shares in the last quarter. Wealthspire Advisors LLC boosted its position in shares of Penske Automotive Group by 2.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company's stock worth $417,000 after acquiring an additional 63 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Penske Automotive Group by 24.4% during the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock worth $40,179,000 after acquiring an additional 51,720 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on PAG shares. Stephens reiterated an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a research report on Wednesday, June 11th. JPMorgan Chase & Co. reduced their price target 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. Bank of America increased their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. 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. Finally, Citigroup increased their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $172.00.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $173.63 on Friday. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 1.64 and a beta of 0.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.23. The firm has a 50 day simple moving average of $161.42 and a 200 day simple moving average of $159.48. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating 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 net margin of 3.10% and a return on equity of 17.80%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.21 EPS. Research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were paid a $1.26 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 2.90%. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Penske Automotive Group declared that its Board of Directors has approved a share repurchase program on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at Penske Automotive Group

In other news, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total transaction of $247,147.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Roger S. Penske sold 77,357 shares of Penske Automotive Group stock in a transaction 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 transaction, the chief executive officer now owns 140,042 shares in the company, valued at approximately $22,598,577.54. This trade represents a 35.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 82,044 shares of company stock valued at $13,257,948 in the last quarter. Insiders own 51.70% of the company's stock.

Penske Automotive Group Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.