Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 7.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,482 shares of the company's stock after selling 7,880 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.15% of Penske Automotive Group worth $14,860,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAG. Moran Wealth Management LLC acquired a new stake in shares of Penske Automotive Group during the 4th quarter worth about $14,157,000. Bank of New York Mellon Corp raised its holdings 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 worth $40,179,000 after purchasing an additional 51,720 shares in the last quarter. American Century Companies Inc. raised its holdings in Penske Automotive Group by 17.4% during the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock worth $39,560,000 after purchasing an additional 38,388 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Penske Automotive Group by 174.9% during the 4th quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock worth $6,250,000 after buying an additional 26,085 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of Penske Automotive Group in the 4th quarter valued at $3,765,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PAG. JPMorgan Chase & Co. cut their price target on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, March 27th. StockNews.com downgraded Penske Automotive Group from a "buy" rating to a "hold" rating in a report on Monday, April 7th. Finally, Stephens reiterated an "equal weight" rating and issued a $165.00 price objective on shares of Penske Automotive Group in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group has a consensus rating of "Hold" and an average target price of $166.25.

Penske Automotive Group Stock Performance

Penske Automotive Group stock traded up $1.25 during mid-day trading on Thursday, reaching $150.94. 24,160 shares of the company were exchanged, compared to its average volume of 240,454. The firm has a market cap of $10.07 billion, a PE ratio of 10.98 and a beta of 1.03. 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 firm's 50-day simple moving average is $156.70 and its two-hundred day simple moving average is $158.26. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. Equities analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date was Monday, February 24th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's payout ratio is currently 35.49%.

Insider Transactions 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 on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the transaction, the executive vice president now owns 28,917 shares of the company's stock, valued at $5,003,508.51. This represents a 23.22 % 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 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.