Penske Automotive Group, Inc. $PAG Shares Sold by Moran Wealth Management LLC

Key Points

• Moran Wealth Management LLC reduced its stake in Penske Automotive Group by 1.1%, owning 151,910 shares after selling 1,695 shares during the second quarter, accounting for about 0.8% of their holdings.
• Penske Automotive Group recently declared a quarterly dividend of $1.32 per share, representing an annualized dividend of $5.28 and a yield of 3.1%, an increase from the previous quarterly dividend of $1.26.
• Analyst ratings for Penske Automotive Group show strong bullish sentiment, with five analysts giving a "buy" rating and a consensus price target of $184.33 for the stock.

Moran Wealth Management LLC reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 1.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,910 shares of the company's stock after selling 1,695 shares during the period. Penske Automotive Group accounts for about 0.8% of Moran Wealth Management LLC's holdings, making the stock its 24th biggest position. Moran Wealth Management LLC owned 0.23% of Penske Automotive Group worth $26,100,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PAG. Sound Income Strategies LLC purchased a new position in shares of Penske Automotive Group in the 2nd quarter valued at $34,000. Acadian Asset Management LLC acquired a new position in Penske Automotive Group in the first quarter valued at $42,000. GAMMA Investing LLC grew its holdings in shares of Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after purchasing an additional 136 shares during the last quarter. UMB Bank n.a. increased its position in shares of Penske Automotive Group by 18.6% during the second quarter. UMB Bank n.a. now owns 402 shares of the company's stock worth $69,000 after purchasing an additional 63 shares in the last quarter. Finally, Brooklyn Investment Group lifted its holdings 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 valued at $65,000 after purchasing an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Analyst Ratings Changes

PAG has been the subject of several research reports. Benchmark boosted their target price on Penske Automotive Group from $185.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Citigroup raised their target price on shares of Penske Automotive Group from $200.00 to $206.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Morgan Stanley raised their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Weiss Ratings reiterated a "buy (b+)" rating on shares of Penske Automotive Group in a research note on Wednesday, October 8th. Finally, Bank of America increased their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $184.33.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $168.49 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. The stock has a fifty day moving average price of $178.91 and a 200 day moving average price of $169.08. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $189.51. The company has a market cap of $11.13 billion, a PE ratio of 11.73 and a beta of 0.88.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.22. The company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. Penske Automotive Group'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 EPS. Sell-side analysts forecast 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. Stockholders of record on Friday, August 15th were paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date was Friday, August 15th. Penske Automotive Group's dividend payout ratio (DPR) is presently 36.74%.

Insider Transactions at Penske Automotive Group

In other 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 completion of the sale, the chief financial officer directly owned 18,922 shares of the company's stock, valued at $3,454,211.10. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,529 shares of the company's stock, valued at $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 52.40% 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.

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