Universal Beteiligungs und Servicegesellschaft mbH Acquires New Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH invested approximately $1.92 million in Penske Automotive Group, acquiring 13,306 shares during the first quarter.
• CEO Roger S. Penske sold 77,357 shares for about $12.48 million, resulting in a 35.58% decrease in his stake.
• Analysts are generally bullish on Penske Automotive Group, with a consensus rating of "Moderate Buy" and varying price targets ranging from $140 to $205.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,306 shares of the company's stock, valued at approximately $1,916,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Penske Automotive Group during the fourth quarter worth about $22,049,000. Moran Wealth Management LLC grew its position in shares of Penske Automotive Group by 65.4% during the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock worth $22,116,000 after purchasing an additional 60,734 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Penske Automotive Group by 21,771.8% during the first quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock worth $8,251,000 after purchasing an additional 57,042 shares in the last quarter. Millennium Management LLC grew its position in shares of Penske Automotive Group by 43.9% during 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 in the last quarter. Finally, Northern Trust Corp grew its holdings in Penske Automotive Group by 18.5% during the 4th quarter. Northern Trust Corp now owns 155,560 shares of the company's stock valued at $23,714,000 after buying an additional 24,274 shares in the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Trading Up 0.5%

PAG traded up $0.85 during trading on Friday, reaching $168.26. The company had a trading volume of 267,673 shares, compared to its average volume of 237,580. The stock has a market cap of $11.13 billion, a P/E ratio of 11.71 and a beta of 0.87. The business has a 50 day simple moving average of $171.34 and a 200-day simple moving average of $163.14. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $186.33. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.22. The company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%. Penske Automotive Group's revenue was down .4% on a year-over-year basis. During the same period last year, the company earned $3.61 earnings per share. On average, equities analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group announced that its board has authorized a share repurchase program on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be paid a $1.32 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. This represents a $5.28 dividend on an annualized basis and a yield of 3.1%. Penske Automotive Group's payout ratio is 35.07%.

Insiders Place Their Bets

In other Penske Automotive Group news, CEO Roger S. Penske sold 77,357 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total value of $12,483,099.09. Following the sale, the chief executive officer owned 140,042 shares in the company, valued at $22,598,577.54. This trade represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Greg C. Smith sold 1,529 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total value of $247,147.56. The disclosure for this sale can be found here. Insiders have sold a total of 82,044 shares of company stock worth $13,257,948 over the last quarter. Company insiders own 51.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PAG. JPMorgan Chase & Co. decreased their price objective on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a report on Thursday, July 17th. Stephens reiterated an "equal weight" rating and set a $140.00 target price on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Bank of America increased their target price on Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, Citigroup increased 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Penske Automotive Group currently has an average rating of "Moderate Buy" and an average target price of $175.00.

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.