Rhumbline Advisers Has $7.39 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Rhumbline Advisers lessened its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 5.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,352 shares of the company's stock after selling 2,711 shares during the period. Rhumbline Advisers owned 0.08% of Penske Automotive Group worth $7,394,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PAG. Norges Bank acquired a new position in shares of Penske Automotive Group during the fourth quarter valued at $22,049,000. Moran Wealth Management LLC acquired a new position in Penske Automotive Group during the 4th quarter valued at about $14,157,000. GAMMA Investing LLC lifted its position in Penske Automotive Group by 21,771.8% during the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock valued at $8,251,000 after purchasing an additional 57,042 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after purchasing an additional 51,720 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Penske Automotive Group by 43.9% during the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company's stock worth $19,555,000 after buying an additional 39,113 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Ratings Changes

PAG has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Citigroup raised their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Stephens reissued an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Wednesday. Finally, Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

Insider Transactions at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,529 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the sale, the executive vice president now owns 36,152 shares in the company, valued at approximately $6,040,999.20. This represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 82,044 shares of company stock valued at $13,257,948 over the last 90 days. 51.70% of the stock is owned by corporate insiders.

Penske Automotive Group Stock Down 0.8%

Shares of PAG traded down $1.28 during midday trading on Thursday, hitting $167.14. The stock had a trading volume of 267,241 shares, compared to its average volume of 200,729. The firm has a market cap of $11.06 billion, a price-to-earnings ratio of 12.16 and a beta of 0.91. The company has a 50 day simple moving average of $158.19 and a two-hundred day simple moving average of $159.37. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $180.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

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

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a $1.26 dividend. The ex-dividend date was Tuesday, May 27th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.02%. Penske Automotive Group's dividend payout ratio (DPR) is 35.49%.

Penske Automotive Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

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.