Janus Henderson Group PLC Raises Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Janus Henderson Group PLC grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 15.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,552 shares of the company's stock after purchasing an additional 5,983 shares during the quarter. Janus Henderson Group PLC owned approximately 0.07% of Penske Automotive Group worth $6,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAG. Norges Bank acquired a new stake in Penske Automotive Group during the 4th quarter worth $22,049,000. Moran Wealth Management LLC acquired a new stake in Penske Automotive Group during the 4th quarter worth $14,157,000. Bank of New York Mellon Corp boosted its stake in 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 purchasing an additional 51,720 shares during the last quarter. American Century Companies Inc. boosted its stake in Penske Automotive Group by 17.4% during the 4th 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 last quarter. Finally, Victory Capital Management Inc. boosted its stake in Penske Automotive Group by 174.9% during the 4th quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock worth $6,250,000 after purchasing an additional 26,085 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. StockNews.com raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Stephens reaffirmed an "equal weight" rating and set a $140.00 target price on shares of Penske Automotive Group in a research note on Monday, May 5th. Citigroup boosted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday. Finally, JPMorgan Chase & Co. lowered 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Penske Automotive Group presently has an average rating of "Moderate Buy" and an average target price of $167.00.

Insider Activity at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 51.70% of the stock is owned by insiders.

Penske Automotive Group Trading Down 2.3%

Shares of PAG stock traded down $3.81 on Wednesday, hitting $162.27. 166,627 shares of the stock traded hands, compared to its average volume of 195,367. The firm's 50-day moving average price is $153.01 and its two-hundred day moving average price is $158.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The stock has a market capitalization of $10.74 billion, a PE ratio of 11.80 and a beta of 0.90. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.12. The firm 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 3.02% and a return on equity of 18.05%. Penske Automotive Group's revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.21 EPS. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be issued 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 3.11%. The ex-dividend date is Tuesday, May 27th. Penske Automotive Group's payout ratio is 35.49%.

Penske Automotive Group announced that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

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.