Penske Automotive Group, Inc. $PAG Shares Sold by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC reduced its stake in Penske Automotive Group by 7.2%, now holding approximately 562,765 shares valued at $79.1 million.
• Analysts have raised their target prices for Penske Automotive Group, with Bank of America increasing its target from $190 to $205 and maintaining a "buy" rating.
• Penske Automotive Group recently declared a quarterly dividend increase to $1.32 per share, up from $1.26, reflecting a 2.8% yield.

AQR Capital Management LLC cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 7.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 562,765 shares of the company's stock after selling 43,944 shares during the quarter. AQR Capital Management LLC owned approximately 0.85% of Penske Automotive Group worth $79,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its position in shares of Penske Automotive Group by 421.5% during the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock worth $49,000 after buying an additional 274 shares in the last quarter. GAMMA Investing LLC grew its holdings in Penske Automotive Group by 51.9% during the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after acquiring an additional 136 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Penske Automotive Group by 353.0% in the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company's stock worth $65,000 after purchasing an additional 353 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after purchasing an additional 125 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Penske Automotive Group in the 4th quarter valued at about $105,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PAG has been the subject of several research analyst reports. Stephens reissued an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. Bank of America lifted their target price on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Morgan Stanley upped their price target on Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. JPMorgan Chase & Co. raised shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their price objective for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Finally, Citigroup increased their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $181.00.

Penske Automotive Group Stock Performance

NYSE PAG traded up $1.23 during trading hours on Thursday, hitting $185.46. The company had a trading volume of 299,991 shares, compared to its average volume of 180,308. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The firm has a market cap of $12.25 billion, a P/E ratio of 12.91 and a beta of 0.89. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The business has a fifty day simple moving average of $179.07 and a 200-day simple moving average of $166.48.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping the consensus estimate of $3.56 by $0.22. The business had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The company's quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.61 earnings per share. Equities analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were paid a $1.32 dividend. The ex-dividend date was Friday, August 15th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. This represents a $5.28 annualized dividend and a dividend yield of 2.8%. Penske Automotive Group's dividend payout ratio (DPR) is 36.74%.

Penske Automotive Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the sale, the chief financial officer directly owned 18,922 shares in the company, valued at $3,454,211.10. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction on Monday, August 18th. The shares were sold at an average price of $180.74, for a total value of $289,906.96. Following the sale, the director directly owned 1,529 shares in the company, valued at $276,351.46. The trade was a 51.20% decrease in their position. The disclosure for this sale can be found here. Insiders own 51.70% of the company's stock.

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.