Two Sigma Investments LP Boosts Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Two Sigma Investments LP raised its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 21.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,253 shares of the company's stock after buying an additional 1,777 shares during the quarter. Two Sigma Investments LP's holdings in Penske Automotive Group were worth $1,563,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Two Sigma Advisers LP raised its stake in Penske Automotive Group by 20.5% during the fourth quarter. Two Sigma Advisers LP now owns 20,600 shares of the company's stock valued at $3,140,000 after buying an additional 3,500 shares during the last quarter. State of Wyoming purchased a new position in Penske Automotive Group during the fourth quarter valued at $105,000. Point72 Asset Management L.P. raised its stake in shares of Penske Automotive Group by 217.4% in the fourth quarter. Point72 Asset Management L.P. now owns 14,600 shares of the company's stock worth $2,226,000 after purchasing an additional 10,000 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Penske Automotive Group in the fourth quarter worth $378,000. Finally, Millennium Management LLC raised its stake in shares of Penske Automotive Group by 43.9% in the fourth quarter. Millennium Management LLC now owns 128,283 shares of the company's stock worth $19,555,000 after purchasing an additional 39,113 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Roger S. Penske sold 77,357 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the sale, the chief executive officer now directly owns 140,042 shares of the company's stock, valued at $22,598,577.54. This represents a 35.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,415 shares of company stock valued at $12,967,930 over the last 90 days. Company insiders own 51.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup boosted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. decreased their price target on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, March 27th. Stephens restated an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Penske Automotive Group Stock Performance

Shares of PAG traded up $0.27 during trading hours on Thursday, hitting $162.74. The stock had a trading volume of 156,454 shares, compared to its average volume of 198,071. 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, Inc. has a 12 month low of $134.05 and a 12 month high of $180.12. The firm has a market capitalization of $10.77 billion, a PE ratio of 11.84 and a beta of 0.90. The stock has a fifty day moving average price of $155.98 and a 200 day moving average price of $159.16.

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

Penske Automotive Group declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors 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 3.10%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's payout ratio is presently 35.49%.

About Penske Automotive Group

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.