Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 27.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,465 shares of the company’s stock after selling 1,305 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Penske Automotive Group were worth $528,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Bank of New York Mellon Corp grew 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 in the last quarter. Bruni J V & Co. Co. increased its stake in shares of Penske Automotive Group by 1.9% during the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company’s stock worth $30,510,000 after buying an additional 3,738 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Penske Automotive Group by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 145,579 shares of the company’s stock valued at $22,192,000 after acquiring an additional 1,829 shares in the last quarter. Moran Wealth Management LLC purchased a new position in Penske Automotive Group in the fourth quarter worth approximately $14,157,000. Finally, Bahl & Gaynor Inc. grew its holdings in Penske Automotive Group by 13.0% during the 4th quarter. Bahl & Gaynor Inc. now owns 82,535 shares of the company’s stock worth $12,582,000 after acquiring an additional 9,512 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Claude H. Denker III sold 8,746 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value 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. Corporate insiders own 52.40% of the company’s stock.

Penske Automotive Group Price Performance

Shares of PAG opened at $141.53 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a 1-year low of $136.86 and a 1-year high of $180.12. The stock has a market cap of $9.45 billion, a PE ratio of 10.29 and a beta of 1.24. The firm has a fifty day moving average price of $160.47 and a 200 day moving average price of $159.11.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $3.37 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were paid a $1.22 dividend. 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 3.45%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s payout ratio is currently 35.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Stephens restated an “equal weight” rating and issued a $165.00 price objective on shares of Penske Automotive Group in a report on Tuesday, February 18th. JPMorgan Chase & Co. cut their price target on 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. Benchmark assumed coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a “buy” rating for the company. Finally, StockNews.com raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $166.25.

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.