Penske Automotive Group, Inc. (NYSE:PAG) Position Reduced by Cwm LLC

CWM LLC trimmed its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 13.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,469 shares of the company's stock after selling 1,607 shares during the quarter. CWM LLC's holdings in Penske Automotive Group were worth $1,507,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of PAG. State of Michigan Retirement System lifted its stake in shares of Penske Automotive Group by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 4,500 shares of the company's stock worth $648,000 after purchasing an additional 100 shares during the last quarter. Xponance Inc. raised its position in shares of Penske Automotive Group by 4.0% in the 4th quarter. Xponance Inc. now owns 2,995 shares of the company's stock valued at $457,000 after purchasing an additional 115 shares during the last quarter. Bessemer Group Inc. raised its holdings 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 worth $5,424,000 after purchasing an additional 120 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Penske Automotive Group by 31.0% during the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after buying an additional 125 shares during the last quarter. Finally, Pacific Global Investment Management Co. raised its position in Penske Automotive Group by 1.1% during the first quarter. Pacific Global Investment Management Co. now owns 11,953 shares of the company's stock valued at $1,721,000 after acquiring an additional 135 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Penske Automotive Group

In other news, Director Greg C. Smith sold 1,529 shares of the business's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 a total of 82,044 shares of company stock worth $13,257,948 over the last ninety days. 51.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PAG shares. Citigroup boosted their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. lowered their price target on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating for the company in a report on Thursday. 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. Stephens reaffirmed an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Finally, Bank of America increased 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Penske Automotive Group presently has an average rating of "Moderate Buy" and an average target price of $175.00.

Penske Automotive Group Price Performance

NYSE:PAG traded up $0.89 during trading hours on Friday, hitting $165.01. The company's stock had a trading volume of 267,633 shares, compared to its average volume of 206,844. The business's 50-day moving average is $170.33 and its two-hundred day moving average is $161.95. The company has a market capitalization of $10.92 billion, a PE ratio of 11.62, a PEG ratio of 1.60 and a beta of 0.91. 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, Inc. has a 52-week low of $134.05 and a 52-week high of $186.33.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share 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 analysts' expectations of $7.68 billion. During the same quarter last year, the business posted $3.21 earnings per share. The business's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group declared that its board has approved a share repurchase program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a dividend of $1.26 per share. The ex-dividend date was Tuesday, May 27th. This is an increase 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 3.05%. Penske Automotive Group's payout ratio is 35.49%.

Penske Automotive Group Company 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.