Nuveen Asset Management LLC Has $5.75 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Nuveen Asset Management LLC lessened its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,720 shares of the company's stock after selling 1,876 shares during the period. Nuveen Asset Management LLC owned approximately 0.06% of Penske Automotive Group worth $5,750,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PAG. Whittier Trust Co. of Nevada Inc. bought a new stake in Penske Automotive Group in the 4th quarter valued at $40,000. Headlands Technologies LLC acquired a new stake in Penske Automotive Group during the fourth quarter worth about $76,000. TD Waterhouse Canada Inc. increased its holdings in Penske Automotive Group by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock valued at $81,000 after buying an additional 158 shares during the period. KBC Group NV raised its position in shares of Penske Automotive Group by 33.5% in the 4th quarter. KBC Group NV now owns 749 shares of the company's stock valued at $114,000 after buying an additional 188 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in shares of Penske Automotive Group by 57.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,108 shares of the company's stock worth $169,000 after acquiring an additional 404 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Trading Down 0.9%

NYSE PAG traded down $1.51 on Wednesday, hitting $161.96. The company's stock had a trading volume of 25,498 shares, compared to its average volume of 197,131. The company's 50-day moving average is $155.55 and its 200 day moving average is $159.13. The firm has a market cap of $10.72 billion, a PE ratio of 11.78 and a beta of 0.90. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $180.12. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.12. The company had revenue of $7.60 billion for the quarter, compared to analysts' expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. Penske Automotive Group's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.21 earnings per share. As a group, analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group announced that its board has approved a stock buyback plan on Wednesday, May 14th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 2.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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 a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Tuesday, May 27th. Penske Automotive Group's payout ratio is currently 35.49%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, CEO Roger S. Penske sold 77,357 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total value of $12,483,099.09. Following the completion of the sale, the chief executive officer now directly owns 140,042 shares in the company, valued at approximately $22,598,577.54. The trade was a 35.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Barr sold 1,529 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. Insiders own 51.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Stephens restated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Monday, May 5th. Citigroup upped their price target 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. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Finally, Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

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.