Russell Investments Group Ltd. Has $864,000 Stock Holdings in Penske Automotive Group, Inc. $PAG

Key Points

• Russell Investments Group Ltd. increased its stake in Penske Automotive Group by 34.0% in Q1, owning a total of 6,005 shares valued at $864,000.
• CEO Roger S. Penske sold 77,357 shares of the company’s stock, representing a 35.58% decrease in his position, while company insiders currently hold 51.70% of the stock.
• Penske Automotive Group announced a quarterly dividend increase to $1.32 (up from $1.26) with a yield of 2.9%, and has a stock buyback program authorized for up to $250 million.

Russell Investments Group Ltd. grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 34.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,005 shares of the company's stock after purchasing an additional 1,525 shares during the period. Russell Investments Group Ltd.'s holdings in Penske Automotive Group were worth $864,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. UMB Bank n.a. boosted its holdings in 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 purchasing an additional 274 shares during the last quarter. GAMMA Investing LLC lifted its position 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 buying an additional 136 shares in the last quarter. Fifth Third Bancorp boosted 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 worth $76,000 after buying an additional 125 shares during the last quarter. State of Wyoming bought a new position in shares of Penske Automotive Group in the 4th quarter valued at about $105,000. Finally, KBC Group NV grew its holdings in shares of Penske Automotive Group by 33.4% in the 1st quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Insider Transactions at Penske Automotive Group

In related news, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the transaction, the executive vice president directly owned 36,152 shares in the company, valued at approximately $6,040,999.20. This represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the sale, the director owned 1,529 shares of the company's stock, valued at $276,351.46. This trade represents a 51.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,862 shares of company stock worth $1,018,414. Company insiders own 52.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Penske Automotive Group Stock Performance

Shares of PAG traded up $0.72 during mid-day trading on Thursday, reaching $184.40. The company's stock had a trading volume of 10,924 shares, compared to its average volume of 237,032. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $189.51. The business has a 50-day simple moving average of $177.97 and a two-hundred day simple moving average of $165.75. The stock has a market cap of $12.18 billion, a P/E ratio of 12.83 and a beta of 0.89.

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

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

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were paid a $1.32 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date was Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a yield of 2.9%. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.74%.

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.