Versor Investments LP Sells 1,713 Shares of Penske Automotive Group, Inc. $PAG

Key Points

• Versor Investments LP has reduced its stake in Penske Automotive Group by 37.2%, selling 1,713 shares and now holding 2,893 shares valued at approximately $417,000.
• Penske Automotive Group's recent earnings report showed an EPS of $3.78, exceeding estimates, but its revenue decreased by 0.4% year-over-year.
• The company has announced a quarterly dividend increase from $1.26 to $1.32 per share, representing a yield of 2.9%.

Versor Investments LP cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 37.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,893 shares of the company's stock after selling 1,713 shares during the quarter. Versor Investments LP's holdings in Penske Automotive Group were worth $417,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PAG. UMB Bank n.a. increased its holdings in shares of Penske Automotive Group by 421.5% during the first quarter. UMB Bank n.a. now owns 339 shares of the company's stock worth $49,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC increased its holdings in shares of Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after purchasing an additional 136 shares during the period. Fifth Third Bancorp boosted its position in shares of Penske Automotive Group by 31.0% during the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after acquiring an additional 125 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Penske Automotive Group by 42.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock worth $81,000 after acquiring an additional 158 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth approximately $105,000. 77.08% of the stock is owned by institutional investors.

Insider Buying and Selling at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total transaction of $200,805.00. Following the completion of the transaction, the chief financial officer owned 18,922 shares of the company's stock, valued at $3,454,211.10. This trade represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Roger S. Penske sold 77,357 shares of Penske Automotive Group stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the transaction, the chief executive officer directly owned 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 have sold 84,748 shares of company stock valued at $13,748,660 over the last three months. 51.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PAG shares. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and raised their target price for the company from $155.00 to $175.00 in a research report on Tuesday, August 5th. Bank of America raised their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Morgan Stanley raised their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Stephens restated an "equal weight" rating and issued a $140.00 target price on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Finally, Citigroup raised their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $181.00.

Penske Automotive Group Trading Up 3.4%

Shares of NYSE:PAG traded up $6.1150 during mid-day trading on Friday, reaching $187.1050. 237,765 shares of the company's stock were exchanged, compared to its average volume of 240,553. The firm has a market capitalization of $12.36 billion, a price-to-earnings ratio of 13.02 and a beta of 0.87. The business's fifty day moving average price is $175.89 and its 200-day moving average price is $164.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $188.43.

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

Penske Automotive Group declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 14th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a dividend of $1.32 per share. This is a boost 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 2.8%. The ex-dividend date of this dividend is Friday, August 15th. Penske Automotive Group's payout ratio is 36.74%.

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.