Oak Thistle LLC Takes Position in Penske Automotive Group, Inc. (NYSE:PAG)

Oak Thistle LLC bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,131 shares of the company's stock, valued at approximately $1,747,000.

Several other large investors also recently added to or reduced their stakes in PAG. Whittier Trust Co. of Nevada Inc. bought a new stake in Penske Automotive Group during the fourth quarter valued at approximately $40,000. UMB Bank n.a. lifted its position in Penske Automotive Group by 421.5% during the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after purchasing an additional 274 shares during the last quarter. GAMMA Investing LLC lifted its position in Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares during the last quarter. Headlands Technologies LLC bought a new position in Penske Automotive Group during the fourth quarter valued at $76,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after acquiring an additional 125 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PAG. Bank of America raised 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 note on Monday, June 16th. Stephens reaffirmed 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. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a research report on Thursday, July 17th. Wall Street Zen raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Finally, Citigroup lifted their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $175.00.

Penske Automotive Group Trading Up 2.5%

Shares of PAG traded up $4.21 during mid-day trading on Friday, reaching $175.01. The stock had a trading volume of 218,854 shares, compared to its average volume of 240,116. 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, Inc. has a 52-week low of $134.05 and a 52-week high of $186.33. The business's fifty day moving average is $170.75 and its 200 day moving average is $162.43. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 12.32 and a beta of 0.91.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued 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 for the quarter, compared to analysts' expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The business's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.21 earnings per share. On average, sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a $1.32 dividend. The ex-dividend date is Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a yield of 3.02%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio (DPR) is 35.49%.

Penske Automotive Group announced that its board has authorized a share repurchase program on Wednesday, May 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insider Transactions at Penske Automotive Group

In other news, CEO Roger S. Penske sold 77,357 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 140,042 shares in the company, valued at approximately $22,598,577.54. The trade was a 35.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the transaction, the executive vice president owned 36,152 shares of the company's stock, valued at approximately $6,040,999.20. This represents a 8.03% decrease in their position. 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. 51.70% of the stock is currently owned by insiders.

About Penske Automotive Group

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.