Greg C. Smith Sells 1,529 Shares of Penske Automotive Group, Inc. (NYSE:PAG) Stock

Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) Director Greg C. Smith sold 1,529 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total transaction of $247,147.56. The sale was disclosed in a filing with the SEC, which is available at this link.

Penske Automotive Group Stock Performance

PAG traded up $1.18 on Friday, reaching $163.85. The stock had a trading volume of 107,690 shares, compared to its average volume of 198,097. The business's 50-day moving average price is $156.35 and its two-hundred day moving average price is $159.17. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $180.12. The company has a market cap of $10.84 billion, a P/E ratio of 11.92 and a beta of 0.90.

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

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th were given a dividend of $1.26 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a yield of 3.08%. Penske Automotive Group's dividend payout ratio is currently 35.49%.

Penske Automotive Group announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Penske Automotive Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Penske Automotive Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 2,004,832 shares of the company's stock worth $288,656,000 after buying an additional 5,641 shares during the last quarter. Burgundy Asset Management Ltd. increased its position in shares of Penske Automotive Group by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company's stock worth $124,331,000 after purchasing an additional 56,669 shares in the last quarter. AQR Capital Management LLC raised its stake in Penske Automotive Group by 3.5% in the 4th quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after purchasing an additional 20,506 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Penske Automotive Group by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company's stock valued at $54,751,000 after purchasing an additional 84,045 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Penske Automotive Group by 24.4% during the 4th 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 during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PAG. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their price target on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Stephens reiterated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Monday, May 5th. Finally, Citigroup boosted their price target on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Penske Automotive Group Company 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.