Y Intercept Hong Kong Ltd Has $868,000 Position in Penske Automotive Group, Inc. (NYSE:PAG)

Key Points

• Y Intercept Hong Kong Ltd reduced its stake in Penske Automotive Group by 36.2% in Q1, now holding 6,028 shares valued at $868,000.
• Penske Automotive Group announced a quarterly dividend of $1.32 per share, representing a 4.76% increase from the previous dividend of $1.26.
• Insider sales include CEO Roger S. Penske selling 77,357 shares for over $12.48 million, indicating a 35.58% decrease in his ownership position.

Y Intercept Hong Kong Ltd reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 36.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,028 shares of the company's stock after selling 3,418 shares during the period. Y Intercept Hong Kong Ltd's holdings in Penske Automotive Group were worth $868,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its position in Penske Automotive Group by 9.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock valued at $485,000 after purchasing an additional 295 shares during the last quarter. Two Sigma Investments LP boosted its position in Penske Automotive Group by 21.0% during the fourth quarter. Two Sigma Investments LP now owns 10,253 shares of the company's stock valued at $1,563,000 after purchasing an additional 1,777 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Penske Automotive Group by 15.8% during the first quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company's stock valued at $1,729,000 after purchasing an additional 1,639 shares during the last quarter. KBC Group NV boosted its position in Penske Automotive Group by 33.4% during the first quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after purchasing an additional 250 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Penske Automotive Group during the first quarter valued at approximately $648,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, CEO Roger S. Penske sold 77,357 shares of the firm's 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 owned 140,042 shares in the company, valued at $22,598,577.54. This trade represents a 35.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shane M. Spradlin sold 3,158 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the transaction, the executive vice president owned 36,152 shares in the company, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,044 shares of company stock worth $13,257,948. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Performance

PAG opened at $175.01 on Friday. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $186.33. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 12.32 and a beta of 0.91. The business has a 50 day moving average of $170.93 and a 200-day moving average of $162.59. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.18.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released 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 company had revenue of $7.60 billion during the quarter, compared to analysts' expectations of $7.68 billion. Penske Automotive Group had a return on equity of 17.80% and a net margin of 3.10%. The business's revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $3.21 earnings per share. On average, equities research analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group declared that its board has approved a share buyback program on Wednesday, May 14th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors 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. Stockholders of record on Friday, August 15th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.02%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio (DPR) is 35.49%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Citigroup increased their price target 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. JPMorgan Chase & Co. reduced their price target on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating for the company in a research report on Thursday, July 17th. Bank of America raised their price objective 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, Stephens reaffirmed an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, one has issued 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 an average target price of $175.00.

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.

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