Michelle Hulgrave Sells 1,500 Shares of Penske Automotive Group (NYSE:PAG) Stock

Key Points

• CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group on June 2 at an average price of $171.80, bringing in about $257,700 and reducing her stake by 7.86%.
• Penske reported stronger-than-expected quarterly results, posting EPS of $3.05 versus the $2.91 estimate and revenue of $7.86 billion, though revenue was still down 1.1% from a year earlier.
• The company raised its dividend to $1.42 per share quarterly, or $5.68 annualized, for a 3.3% yield; analysts currently rate the stock a "Moderate Buy" with an average target price of $182.63.

Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer directly owned 17,596 shares in the company, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock traded down $0.34 on Wednesday, hitting $172.02. 279,980 shares of the company traded hands, compared to its average volume of 293,108. Penske Automotive Group, Inc. has a 52 week low of $140.12 and a 52 week high of $189.51. The business has a 50-day simple moving average of $159.47 and a 200 day simple moving average of $160.76. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The stock has a market capitalization of $11.31 billion, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 2.21 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.91 by $0.14. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The company had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same period in the previous year, the firm posted $3.66 EPS. Penske Automotive Group's revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts expect that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Tuesday, May 26th will be paid a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Tuesday, May 26th. Penske Automotive Group's payout ratio is presently 42.39%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PAG. Weiss Ratings lowered Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 16th. Barclays dropped their price target on Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. JPMorgan Chase & Co. increased their price objective on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Citigroup boosted their target price on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Stephens raised their price target on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $182.63.

Hedge Funds Weigh In On Penske Automotive Group

Large investors have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in shares of Penske Automotive Group by 15.1% during the 1st quarter. Parallel Advisors LLC now owns 441 shares of the company's stock valued at $66,000 after buying an additional 58 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Penske Automotive Group by 2.1% during the third quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company's stock worth $561,000 after purchasing an additional 65 shares in the last quarter. Aptus Capital Advisors LLC raised its stake in Penske Automotive Group by 5.4% in the 3rd quarter. Aptus Capital Advisors LLC now owns 1,261 shares of the company's stock valued at $219,000 after purchasing an additional 65 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Penske Automotive Group by 8.5% in the 1st quarter. Bessemer Group Inc. now owns 830 shares of the company's stock valued at $124,000 after purchasing an additional 65 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Penske Automotive Group by 0.4% during the second quarter. California State Teachers Retirement System now owns 18,434 shares of the company's stock worth $3,167,000 after buying an additional 65 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

About Penske Automotive Group

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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