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

Rhumbline Advisers lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,352 shares of the company's stock after selling 2,711 shares during the quarter. Rhumbline Advisers owned about 0.08% of Penske Automotive Group worth $7,394,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $22,049,000. Moran Wealth Management LLC purchased a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $14,157,000. GAMMA Investing LLC boosted its stake in shares of Penske Automotive Group by 21,771.8% during the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock worth $8,251,000 after acquiring an additional 57,042 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Penske Automotive Group by 24.4% during the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock worth $40,179,000 after acquiring an additional 51,720 shares in the last quarter. Finally, Millennium Management LLC boosted its stake 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 acquiring an additional 39,113 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Insider Activity

In related news, EVP Shane M. Spradlin sold 3,158 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the transaction, the executive vice president now owns 36,152 shares of the company's stock, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Greg C. Smith sold 1,529 shares of the firm's 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 82,044 shares of company stock worth $13,257,948. Insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Performance

Shares of NYSE:PAG traded down $1.57 during trading hours on Friday, hitting $165.53. The stock had a trading volume of 312,076 shares, compared to its average volume of 201,485. The stock's fifty day simple moving average is $159.24 and its 200 day simple moving average is $159.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 12.04 and a beta of 0.91. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $180.12.

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, beating the consensus estimate of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to analysts' expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The business's revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $3.21 earnings per share. Sell-side 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 has approved a share repurchase program on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th were issued a $1.26 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $5.04 annualized dividend and a dividend yield of 3.04%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio is currently 35.49%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PAG shares. Stephens restated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, March 27th. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Finally, Citigroup boosted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. One investment 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's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.