Penske Automotive Group, Inc. (NYSE:PAG) EVP Sells $527,701.80 in Stock

Penske Automotive Group, Inc. (NYSE:PAG) EVP Shane M. Spradlin sold 3,158 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the sale, the executive vice president now owns 36,152 shares of the company’s stock, valued at $6,040,999.20. This represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Penske Automotive Group Stock Down 0.9%

Shares of Penske Automotive Group stock opened at $165.53 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The company’s fifty day simple moving average is $159.24 and its two-hundred day simple moving average is $159.34. The company has a market cap of $10.95 billion, a P/E ratio of 12.04 and a beta of 0.91. Penske Automotive Group, Inc. has a 12-month low of $134.05 and a 12-month high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.21 EPS. Research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS 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. This is an increase 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 3.04%. The ex-dividend date of this dividend was Tuesday, May 27th. Penske Automotive Group’s payout ratio is presently 35.49%.

Penske Automotive Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a report on Thursday, March 27th. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 23rd. Stephens reiterated an “equal weight” rating and set a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday. Finally, Citigroup upped their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Penske Automotive Group currently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wealthspire Advisors LLC grew its position in Penske Automotive Group by 2.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company’s stock valued at $417,000 after purchasing an additional 63 shares during the last quarter. Martingale Asset Management L P lifted its stake in Penske Automotive Group by 3.7% during the 1st quarter. Martingale Asset Management L P now owns 1,750 shares of the company’s stock valued at $252,000 after acquiring an additional 63 shares during the period. EP Wealth Advisors LLC lifted its stake in Penske Automotive Group by 2.9% during the 1st quarter. EP Wealth Advisors LLC now owns 2,478 shares of the company’s stock valued at $357,000 after acquiring an additional 70 shares during the period. Blue Chip Partners LLC lifted its stake in Penske Automotive Group by 0.7% during the 4th quarter. Blue Chip Partners LLC now owns 10,606 shares of the company’s stock valued at $1,617,000 after acquiring an additional 73 shares during the period. Finally, State of Michigan Retirement System lifted its stake in Penske Automotive Group by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 4,500 shares of the company’s stock valued at $648,000 after acquiring an additional 100 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.

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.