Vident Advisory LLC Raises Stock Position in Penske Automotive Group, Inc. $PAG

Key Points

• Vident Advisory LLC increased its stake in Penske Automotive Group by 128.0% in Q1, owning 3,822 shares valued at $550,000.
• Penske Automotive Group reported earnings per share of $3.78 for the last quarter, exceeding estimates, despite a year-over-year revenue decline of 0.4%.
• The company initiated a $250 million stock buyback program and recently increased its quarterly dividend from $1.26 to $1.32.

Vident Advisory LLC grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 128.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,822 shares of the company's stock after purchasing an additional 2,146 shares during the quarter. Vident Advisory LLC's holdings in Penske Automotive Group were worth $550,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. UMB Bank n.a. grew its position in shares of Penske Automotive Group by 421.5% in the first 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. GAMMA Investing LLC grew its position in shares of Penske Automotive Group by 51.9% in the first quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after purchasing an additional 136 shares during the last quarter. Brooklyn Investment Group grew its position in shares of Penske Automotive Group by 353.0% in the first quarter. Brooklyn Investment Group now owns 453 shares of the company's stock valued at $65,000 after purchasing an additional 353 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Penske Automotive Group by 31.0% in the first quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after purchasing an additional 125 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at approximately $105,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Michelle Hulgrave sold 1,100 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total value of $200,805.00. Following the transaction, the chief financial officer owned 18,922 shares of the company's stock, valued at approximately $3,454,211.10. This trade represents a 5.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lisa Ann Davis sold 1,604 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their position. The disclosure for this sale can be found here. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Trading Down 3.1%

NYSE:PAG traded down $5.72 during trading hours on Friday, reaching $179.69. 258,715 shares of the company were exchanged, compared to its average volume of 187,144. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.90 and a quick ratio of 0.21. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 12.50 and a beta of 0.89. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $189.51. The stock has a 50 day simple moving average of $179.01 and a 200 day simple moving average of $166.56.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share 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 the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm posted $3.61 earnings per share. As a group, 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 Wednesday, September 3rd. Stockholders of record on Friday, August 15th were paid a $1.32 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's payout ratio is 36.74%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PAG shares. JPMorgan Chase & Co. raised shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $155.00 to $175.00 in a research note on Tuesday, August 5th. Citigroup upped their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Bank of America upped 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. Stephens reissued an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research note on Wednesday, June 11th. Finally, Morgan Stanley upped their price objective on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $181.00.

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.