Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. cut its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 22.8% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 31,959 shares of the company's stock after selling 9,413 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Penske Automotive Group were worth $4,872,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highland Capital Management LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter valued at about $240,000. Blue Trust Inc. boosted its holdings in Penske Automotive Group by 28.3% in the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company's stock valued at $198,000 after purchasing an additional 269 shares during the last quarter. Merit Financial Group LLC acquired a new stake in Penske Automotive Group during the 4th quarter valued at approximately $287,000. Bank of Montreal Can increased its holdings in Penske Automotive Group by 6.4% during the 4th quarter. Bank of Montreal Can now owns 2,651 shares of the company's stock worth $404,000 after purchasing an additional 160 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Penske Automotive Group by 4.7% during the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company's stock worth $8,241,000 after purchasing an additional 2,446 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Performance

PAG traded down $3.81 during trading hours on Wednesday, hitting $162.27. 166,627 shares of the stock were exchanged, compared to its average volume of 195,367. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of 11.80 and a beta of 0.90. The stock has a 50-day simple moving average of $153.01 and a 200-day simple moving average of $158.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. During the same period last year, the firm posted $3.21 EPS. The company's revenue for the quarter was up 2.1% on a year-over-year basis. Analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th will be paid a $1.26 dividend. 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 yield of 3.11%. The ex-dividend date is Tuesday, May 27th. Penske Automotive Group's payout ratio is presently 35.49%.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PAG shares. JPMorgan Chase & Co. reduced their target price on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, March 27th. Stephens reiterated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. Citigroup raised their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday. Finally, StockNews.com upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $167.00.

Insider Activity

In other news, Director John Barr sold 1,529 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 51.70% of the company's stock.

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.