4,501 Shares in Penske Automotive Group, Inc. (NYSE:PAG) Purchased by SG Americas Securities LLC

SG Americas Securities LLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,501 shares of the company's stock, valued at approximately $648,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after acquiring an additional 136 shares during the period. UMB Bank n.a. grew its stake in Penske Automotive Group by 421.5% during the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after purchasing an additional 274 shares during the last quarter. Merit Financial Group LLC increased its holdings in shares of Penske Automotive Group by 14.3% in the first quarter. Merit Financial Group LLC now owns 2,155 shares of the company's stock valued at $310,000 after purchasing an additional 270 shares during the period. Burgundy Asset Management Ltd. increased its holdings in shares of Penske Automotive Group by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 806,860 shares of the company's stock valued at $122,998,000 after purchasing an additional 13,106 shares during the period. Finally, CSS LLC IL raised its stake in shares of Penske Automotive Group by 42.9% in the fourth quarter. CSS LLC IL now owns 2,650 shares of the company's stock worth $404,000 after purchasing an additional 796 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on PAG shares. Citigroup upped their target price on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Bank of America lifted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their target price on shares of 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. Finally, Stephens reaffirmed an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $172.00.

Penske Automotive Group Stock Performance

Penske Automotive Group stock traded down $2.95 during mid-day trading on Wednesday, hitting $174.61. The company had a trading volume of 222,437 shares, compared to its average volume of 204,192. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.69 and a beta of 0.91. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $180.12. The company's fifty day moving average is $162.44 and its 200-day moving average is $159.62. The company has a current ratio of 0.90, a quick ratio of 0.23 and a debt-to-equity ratio of 0.18.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The company had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.68 billion. During the same quarter last year, the business earned $3.21 earnings per share. The firm's revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were given a dividend of $1.26 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This is a boost 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 2.89%. Penske Automotive Group's dividend payout ratio (DPR) is 35.49%.

Penske Automotive Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Activity

In other news, Director Greg C. Smith sold 1,529 shares of the business'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 value of $247,147.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction, the executive vice president now directly owns 36,152 shares of the company's stock, valued at approximately $6,040,999.20. The trade was a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock worth $13,257,948 in the last ninety days. Company insiders own 52.40% of the company's stock.

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.