Penske Automotive Group, Inc. $PAG Stock Position Reduced by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC cut its stake in Penske Automotive Group by 57.4% in the fourth quarter, selling 14,857 shares and ending with 11,009 shares worth about $1.76 million.
• Insiders also sold shares: CFO Michelle Hulgrave sold 1,500 shares and Director Greg C. Smith sold 1,488 shares in separate transactions, while insiders still own 52.9% of the company.
• Penske reported solid quarterly results and raised its dividend, posting EPS of $3.05 versus $2.91 expected and increasing its quarterly payout to $1.42 per share, a 3.2% yield annualized.

Hsbc Holdings PLC lessened its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 57.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,009 shares of the company's stock after selling 14,857 shares during the quarter. Hsbc Holdings PLC's holdings in Penske Automotive Group were worth $1,758,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its position in Penske Automotive Group by 5,521.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 787 shares of the company's stock valued at $125,000 after purchasing an additional 773 shares during the last quarter. Virtu Financial LLC acquired a new position in Penske Automotive Group in the 4th quarter worth about $669,000. Invesco Ltd. increased its position in Penske Automotive Group by 64.1% in the 4th quarter. Invesco Ltd. now owns 232,366 shares of the company's stock worth $36,781,000 after purchasing an additional 90,775 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Penske Automotive Group by 75.3% during the 4th quarter. Corient Private Wealth LLC now owns 18,435 shares of the company's stock worth $2,918,000 after purchasing an additional 7,916 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Penske Automotive Group during the 4th quarter valued at about $359,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Insider Activity

In other news, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total value of $257,700.00. Following the transaction, the chief financial officer directly owned 17,596 shares in the company, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $160.02, for a total value of $238,109.76. The disclosure for this sale is available in the SEC filing. Company insiders own 52.90% of the company's stock.

Penske Automotive Group Trading Down 0.7%

NYSE:PAG opened at $178.85 on Wednesday. The company's 50 day moving average is $170.51 and its 200-day moving average is $163.13. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. Penske Automotive Group, Inc. has a 12 month low of $140.12 and a 12 month high of $189.51. The firm has a market cap of $11.76 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 2.33 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.14. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The business had revenue of $7.86 billion during the quarter, compared to the consensus estimate of $7.71 billion. During the same period in the prior year, the firm earned $3.66 EPS. Penske Automotive Group's quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Penske Automotive Group, Inc. will post 13.46 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th were given a $1.42 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Penske Automotive Group's dividend payout ratio (DPR) is 42.39%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PAG shares. Stephens increased their price objective on Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Penske Automotive Group in a research note on Thursday, June 11th. UBS Group started coverage on shares of Penske Automotive Group in a report on Wednesday, May 27th. They set a "neutral" rating and a $167.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $190.00 price objective on shares of Penske Automotive Group in a report on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $182.62.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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