Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 79.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 425 shares of the company's stock after selling 1,618 shares during the period. Point72 Asia Singapore Pte. Ltd.'s holdings in Penske Automotive Group were worth $65,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Penske Automotive Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,999,191 shares of the company's stock valued at $304,757,000 after acquiring an additional 12,912 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Penske Automotive Group by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after acquiring an additional 20,506 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Penske Automotive Group by 24.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after buying an additional 51,720 shares during the last quarter. American Century Companies Inc. increased its holdings in Penske Automotive Group by 17.4% in the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock valued at $39,560,000 after buying an additional 38,388 shares during the last quarter. Finally, Bruni J V & Co. Co. increased its holdings in Penske Automotive Group by 1.9% in the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company's stock valued at $30,510,000 after buying an additional 3,738 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the firm's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 51.70% of the stock is owned by insiders.

Penske Automotive Group Stock Performance

Shares of NYSE PAG traded down $0.46 during midday trading on Friday, reaching $162.20. 198,411 shares of the company were exchanged, compared to its average volume of 196,505. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The stock has a market cap of $10.73 billion, a P/E ratio of 11.80 and a beta of 0.90. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $180.12. The stock has a fifty day simple moving average of $153.82 and a 200 day simple moving average of $159.04.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of $3.27 by $0.12. The firm had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.21 earnings per share. On average, research analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group announced that its board has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Penske Automotive Group Increases Dividend

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

Wall Street Analysts Forecast Growth

PAG has been the topic of several recent analyst reports. Stephens reissued an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a report on Monday, May 5th. Citigroup increased their target price on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. JPMorgan Chase & Co. dropped their target price on 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, Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. One 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Penske Automotive Group Company 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.