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

D. E. Shaw & Co. Inc. reduced its position 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 Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other hedge funds also recently modified their holdings of PAG. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Penske Automotive Group in the fourth quarter worth approximately $40,000. Headlands Technologies LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter worth approximately $76,000. TD Waterhouse Canada Inc. boosted its position in shares of Penske Automotive Group by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock worth $81,000 after acquiring an additional 158 shares during the last quarter. KBC Group NV boosted its position in shares of Penske Automotive Group by 33.5% in the fourth quarter. KBC Group NV now owns 749 shares of the company's stock worth $114,000 after acquiring an additional 188 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of Penske Automotive Group by 57.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,108 shares of the company's stock worth $169,000 after acquiring an additional 404 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PAG. 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. Citigroup raised 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 report on Monday. JPMorgan Chase & Co. cut 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 report on Thursday, March 27th. Finally, Stephens restated an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Insider Activity

In other news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on 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 SEC, which is accessible through this link. Insiders own 51.70% of the company's stock.

Penske Automotive Group Trading Down 0.3%

NYSE PAG traded down $0.46 during mid-day trading on Friday, hitting $162.20. The company's stock had a trading volume of 198,411 shares, compared to its average volume of 196,108. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $180.12. The stock's fifty day simple moving average is $153.82 and its two-hundred day simple moving average is $159.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The firm has a market capitalization of $10.73 billion, a P/E ratio of 11.80 and a beta of 0.90.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted 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 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 for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.21 earnings per share. Research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be paid a dividend of $1.26 per share. The ex-dividend date is Tuesday, May 27th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.11%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.

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

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.