XTX Topco Ltd Acquires New Position in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• XTX Topco Ltd has acquired 7,652 shares of Penske Automotive Group, valued at approximately $1.1 million, marking a new position during the 1st quarter.
• Penske Automotive Group recently increased its quarterly dividend to $1.32 per share, up from $1.26, reflecting a 3.1% yield and indicating positive financial health.
• Wall Street analysts have given Penske Automotive Group a consensus rating of "Moderate Buy" with an average price target of $175.00, despite varying assessments from different brokerages.

XTX Topco Ltd purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,652 shares of the company's stock, valued at approximately $1,102,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAG. State of Michigan Retirement System grew its position in shares of Penske Automotive Group by 2.3% during the first quarter. State of Michigan Retirement System now owns 4,500 shares of the company's stock valued at $648,000 after purchasing an additional 100 shares in the last quarter. Securian Asset Management Inc. raised its stake in shares of Penske Automotive Group by 7.4% during the first quarter. Securian Asset Management Inc. now owns 1,447 shares of the company's stock valued at $208,000 after acquiring an additional 100 shares in the last quarter. Bessemer Group Inc. increased its holdings in Penske Automotive Group by 0.3% during the fourth quarter. Bessemer Group Inc. now owns 35,579 shares of the company's stock valued at $5,424,000 after buying an additional 120 shares during the period. Fifth Third Bancorp increased its holdings in Penske Automotive Group by 31.0% during the first quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after buying an additional 125 shares during the period. Finally, Pacific Global Investment Management Co. grew its holdings in Penske Automotive Group by 1.1% in the first quarter. Pacific Global Investment Management Co. now owns 11,953 shares of the company's stock worth $1,721,000 after purchasing an additional 135 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Penske Automotive Group news, Director Greg C. Smith sold 1,529 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. 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 the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 140,042 shares of the company's stock, valued at approximately $22,598,577.54. This trade represents a 35.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 82,044 shares of company stock worth $13,257,948. Company insiders own 52.40% of the company's stock.

Wall Street Analyst Weigh In

PAG has been the topic of several analyst reports. Stephens reaffirmed an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. JPMorgan Chase & Co. raised shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $155.00 to $175.00 in a report on Tuesday. Wall Street Zen raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. Citigroup lifted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Bank of America boosted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a report on Monday, June 16th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.00.

Penske Automotive Group Stock Performance

Shares of PAG traded up $7.88 during trading hours on Tuesday, reaching $176.28. 151,883 shares of the company traded hands, compared to its average volume of 243,257. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $186.33. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $11.66 billion, a P/E ratio of 12.27 and a beta of 0.87. The business has a fifty day moving average price of $171.47 and a 200-day moving average price of $163.22.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating the consensus estimate of $3.56 by $0.22. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The company had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same period in the prior year, the company earned $3.61 earnings per share. The firm's revenue was down .4% on a year-over-year basis. 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 of Directors has initiated a stock repurchase plan on Wednesday, May 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 2.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. The ex-dividend date is Friday, August 15th. Penske Automotive Group's payout ratio is currently 36.74%.

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.