The Manufacturers Life Insurance Company Sells 12,585 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

The Manufacturers Life Insurance Company reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 43.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 16,614 shares of the company's stock after selling 12,585 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Penske Automotive Group were worth $2,533,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PAG. Highland Capital Management LLC purchased a new stake in shares of Penske Automotive Group during the 4th quarter valued at about $240,000. Blue Trust Inc. lifted its stake in shares of Penske Automotive Group by 28.3% in the 4th quarter. Blue Trust Inc. now owns 1,221 shares of the company's stock valued at $198,000 after purchasing an additional 269 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Penske Automotive Group in the 4th quarter worth approximately $287,000. Bank of Montreal Can increased its position in shares of Penske Automotive Group by 6.4% during the 4th quarter. Bank of Montreal Can now owns 2,651 shares of the company's stock valued at $404,000 after purchasing an additional 160 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Penske Automotive Group by 4.7% during the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company's stock valued at $8,241,000 after buying an additional 2,446 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Trading Up 0.5 %

Shares of NYSE PAG opened at $159.49 on Friday. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve 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 business has a fifty day simple moving average of $152.50 and a two-hundred day simple moving average of $158.26. The firm has a market cap of $10.55 billion, a PE ratio of 11.60 and a beta of 0.90.

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 for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. The company had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.21 earnings per share. Analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.88 dividend on an annualized basis and a yield of 3.06%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio is currently 34.37%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Claude H. Denker III sold 8,746 shares of Penske Automotive Group stock in a transaction that occurred on Friday, February 14th. The stock was 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 directly owns 28,917 shares in the company, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 52.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PAG shares. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, March 27th. Citigroup began coverage on shares of Penske Automotive Group in a research report on Wednesday, April 23rd. They issued a "buy" rating and a $185.00 price objective on the stock. Stephens reiterated an "equal weight" rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Monday, May 5th. Finally, StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $165.00.

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.

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