Applied Capital LLC FL increased its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,749 shares of the company's stock after acquiring an additional 2,149 shares during the quarter. Penske Automotive Group makes up about 2.7% of Applied Capital LLC FL's portfolio, making the stock its 8th biggest holding. Applied Capital LLC FL's holdings in Penske Automotive Group were worth $3,419,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Penske Automotive Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,999,191 shares of the company's stock valued at $304,757,000 after buying an additional 12,912 shares during the last quarter. Burgundy Asset Management Ltd. increased its stake in Penske Automotive Group by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 806,860 shares of the company's stock worth $122,998,000 after purchasing an additional 13,106 shares during the period. AQR Capital Management LLC increased its stake in Penske Automotive Group by 3.5% during the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock worth $92,487,000 after purchasing an additional 20,506 shares during the period. American Century Companies Inc. increased its stake in Penske Automotive Group by 17.4% during the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock worth $39,560,000 after purchasing an additional 38,388 shares during the period. Finally, Horizon Kinetics Asset Management LLC increased its stake in Penske Automotive Group by 0.8% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 182,966 shares of the company's stock worth $27,891,000 after purchasing an additional 1,486 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.
Penske Automotive Group Stock Performance
Shares of Penske Automotive Group stock opened at $183.20 on Friday. The firm has a market capitalization of $12.12 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.77 and a beta of 0.91. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $186.33. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. The firm's 50 day moving average is $168.74 and its two-hundred day moving average is $161.27.
Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.27 by $0.12. The company had revenue of $7.60 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $3.21 earnings per share. Research analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.
Penske Automotive Group declared that its Board of Directors has initiated 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 purchase up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.
Penske Automotive Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders 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 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Tuesday, May 27th. Penske Automotive Group's dividend payout ratio is currently 35.49%.
Insider Buying and Selling at Penske Automotive Group
In other news, EVP Shane M. Spradlin sold 3,158 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the transaction, the executive vice president directly owned 36,152 shares in the company, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Roger S. Penske sold 77,357 shares of the firm's stock in a transaction that occurred 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 owned 140,042 shares in the company, valued at approximately $22,598,577.54. This trade represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock worth $13,257,948 over the last three months. Insiders own 51.70% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on PAG. Bank of America boosted 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 restated an "equal weight" rating and set a $140.00 target price on shares of Penske Automotive Group in a research note on Wednesday, June 11th. JPMorgan Chase & Co. cut their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, March 27th. Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Finally, Citigroup upped 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Penske Automotive Group has a consensus rating of "Moderate Buy" and an average price target of $172.00.
Check Out Our Latest Stock Analysis on Penske Automotive Group
About Penske Automotive Group
(
Free Report)
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.
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