Voloridge Investment Management LLC Purchases 5,669 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Voloridge Investment Management LLC increased its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 4.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 134,023 shares of the company's stock after acquiring an additional 5,669 shares during the period. Voloridge Investment Management LLC owned about 0.20% of Penske Automotive Group worth $20,430,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Merit Financial Group LLC bought a new stake in Penske Automotive Group during the fourth quarter valued at about $287,000. Nisa Investment Advisors LLC grew its holdings in Penske Automotive Group by 18.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 25,916 shares of the company's stock valued at $3,951,000 after purchasing an additional 4,000 shares during the period. Janney Montgomery Scott LLC grew its holdings in Penske Automotive Group by 19.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 55,767 shares of the company's stock valued at $8,501,000 after purchasing an additional 9,199 shares during the period. Inspire Investing LLC grew its holdings in Penske Automotive Group by 7.8% during the fourth quarter. Inspire Investing LLC now owns 6,164 shares of the company's stock valued at $940,000 after purchasing an additional 445 shares during the period. Finally, Applied Capital LLC FL grew its holdings in Penske Automotive Group by 2.0% during the fourth quarter. Applied Capital LLC FL now owns 21,600 shares of the company's stock valued at $3,293,000 after purchasing an additional 424 shares during the period. Institutional investors own 77.08% of the company's stock.

Insider Activity

In other news, Director John Barr sold 1,529 shares of the company's stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through this link. Insiders own 52.40% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Citigroup boosted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. dropped their price objective 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Penske Automotive Group Trading Down 0.1%

PAG stock traded down $0.18 during midday trading on Wednesday, reaching $164.01. 19,071 shares of the company traded hands, compared to its average volume of 195,814. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $180.12. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The business has a 50 day moving average of $154.33 and a 200-day moving average of $159.09. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of 11.95 and a beta of 0.90.

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

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

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be paid a dividend of $1.26 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.07%. Penske Automotive Group's dividend payout ratio is currently 35.49%.

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.