Graham Capital Management L.P. Lowers Stock Position in Penske Automotive Group, Inc. (NYSE:PAG)

Graham Capital Management L.P. decreased its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 38.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,654 shares of the company's stock after selling 3,565 shares during the quarter. Graham Capital Management L.P.'s holdings in Penske Automotive Group were worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in PAG. Vanguard Group Inc. lifted its stake in shares of Penske Automotive Group by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 1,999,191 shares of the company's stock valued at $304,757,000 after purchasing an additional 12,912 shares during the period. AQR Capital Management LLC raised its holdings in Penske Automotive Group by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock worth $92,487,000 after purchasing an additional 20,506 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Penske Automotive Group by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after buying an additional 51,720 shares during the period. American Century Companies Inc. boosted its holdings in shares of Penske Automotive Group by 17.4% during the 4th quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock valued at $39,560,000 after buying an additional 38,388 shares in the last quarter. Finally, Bruni J V & Co. Co. boosted its holdings in shares of Penske Automotive Group by 1.9% during the 4th quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company's stock valued at $30,510,000 after buying an additional 3,738 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PAG shares. StockNews.com upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered 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. Citigroup began coverage on Penske Automotive Group in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $185.00 target price on the stock. Finally, Stephens restated an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.00.

Penske Automotive Group Price Performance

PAG stock traded up $0.51 during mid-day trading on Friday, hitting $166.32. The company had a trading volume of 226,272 shares, compared to its average volume of 195,678. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 12.10 and a beta of 0.90. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $180.12. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $152.47 and a 200 day moving average price of $158.64.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. During the same period in the previous year, the firm posted $3.21 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be issued a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a yield of 3.03%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Tuesday, May 27th. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Penske Automotive Group announced that its board has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 51.70% of the stock is currently owned by insiders.

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.