Moran Wealth Management LLC Has $22.12 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Moran Wealth Management LLC grew its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 65.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,605 shares of the company's stock after purchasing an additional 60,734 shares during the period. Penske Automotive Group makes up approximately 0.7% of Moran Wealth Management LLC's holdings, making the stock its 28th largest holding. Moran Wealth Management LLC owned approximately 0.23% of Penske Automotive Group worth $22,116,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PAG. Wealthspire Advisors LLC lifted its position in Penske Automotive Group by 2.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company's stock worth $417,000 after buying an additional 63 shares in the last quarter. CIBC Asset Management Inc increased its position in Penske Automotive Group by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,055 shares of the company's stock valued at $313,000 after acquiring an additional 109 shares in the last quarter. Xponance Inc. lifted its position in shares of Penske Automotive Group by 4.0% during the fourth quarter. Xponance Inc. now owns 2,995 shares of the company's stock worth $457,000 after purchasing an additional 115 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Penske Automotive Group by 0.3% during the fourth quarter. Bessemer Group Inc. now owns 35,579 shares of the company's stock valued at $5,424,000 after purchasing an additional 120 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Penske Automotive Group by 31.0% during the first quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after purchasing an additional 125 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,529 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Roger S. Penske sold 77,357 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the completion of the transaction, the chief executive officer now directly owns 140,042 shares of the company's stock, valued at approximately $22,598,577.54. The trade was a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,044 shares of company stock valued at $13,257,948. Corporate insiders own 51.70% of the company's stock.

Penske Automotive Group Price Performance

Shares of PAG stock opened at $173.59 on Friday. The firm's 50 day moving average price is $163.81 and its two-hundred day moving average price is $159.85. The stock has a market cap of $11.49 billion, a PE ratio of 12.22, a PEG ratio of 1.67 and a beta of 0.91. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $180.12. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.23 and a current ratio of 0.90.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a return on equity of 17.80% and a net margin of 3.10%. The business had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter in the prior year, the company posted $3.21 earnings per share. The firm's revenue was up 2.1% on a year-over-year basis. As a group, analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group declared that its board has authorized a stock buyback plan on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th were paid a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 2.90%. The ex-dividend date was Tuesday, May 27th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PAG. Bank of America boosted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Stephens reissued an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target 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, Citigroup lifted their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $172.00.

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.