Northern Trust Corp Decreases Stock Holdings in Penske Automotive Group, Inc. $PAG

Key Points

• Northern Trust Corp reduced its stake in Penske Automotive Group by 2.2%, now holding 152,209 shares worth approximately $21.92 million.
• Several hedge funds increased their holdings in Penske Automotive Group, with UMB Bank n.a. raising its stake by 421.5% during the same quarter.
• Analysts have varying ratings on the stock, with Bank of America raising the target price from $190 to $205 and maintaining a "buy" rating.

Northern Trust Corp lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 2.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 152,209 shares of the company's stock after selling 3,351 shares during the period. Northern Trust Corp owned approximately 0.23% of Penske Automotive Group worth $21,915,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Penske Automotive Group during the 1st quarter worth $10,004,000. Moran Wealth Management LLC grew its position in Penske Automotive Group by 65.4% in the 1st quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after purchasing an additional 60,734 shares in the last quarter. GAMMA Investing LLC increased its stake in Penske Automotive Group by 21,771.8% in the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock valued at $8,251,000 after buying an additional 57,042 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Penske Automotive Group by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock worth $124,331,000 after buying an additional 56,669 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Penske Automotive Group by 43.9% during the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company's stock worth $19,555,000 after buying an additional 39,113 shares in the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock traded up $1.65 on Thursday, hitting $185.33. 65,931 shares of the company traded hands, compared to its average volume of 237,381. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16. The firm's 50-day simple moving average is $177.97 and its 200 day simple moving average is $165.75. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $189.51. The company has a market cap of $12.24 billion, a P/E ratio of 12.90 and a beta of 0.89.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating the consensus estimate of $3.56 by $0.22. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $3.61 EPS. Analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group declared that its Board of Directors has approved a share buyback program on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, August 15th. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio is 36.74%.

Insiders Place Their Bets

In other Penske Automotive Group news, Director Lisa Ann Davis sold 1,604 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 3,158 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the transaction, the executive vice president directly owned 36,152 shares in the company, valued at $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 5,862 shares of company stock valued at $1,018,414 over the last three months. Insiders own 52.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PAG shares. JPMorgan Chase & Co. raised Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their target price for the company from $155.00 to $175.00 in a report on Tuesday, August 5th. Citigroup raised their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Bank of America boosted their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Morgan Stanley increased their price objective on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Stephens reaffirmed 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. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $181.00.

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.