Moran Wealth Management LLC Lowers Holdings in Penske Automotive Group, Inc. $PAG

Moran Wealth Management LLC trimmed its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 28.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,210 shares of the company’s stock after selling 41,719 shares during the quarter. Moran Wealth Management LLC’s holdings in Penske Automotive Group were worth $16,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAG. Wealth Enhancement Advisory Services LLC grew its stake in Penske Automotive Group by 394.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,593 shares of the company’s stock worth $7,726,000 after buying an additional 37,967 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Penske Automotive Group during the fourth quarter worth approximately $3,679,000. Hamlin Capital Management LLC purchased a new stake in Penske Automotive Group in the fourth quarter valued at approximately $20,203,000. Independent Solutions Wealth Management LLC purchased a new stake in Penske Automotive Group in the fourth quarter valued at approximately $2,649,000. Finally, Norges Bank purchased a new stake in Penske Automotive Group in the fourth quarter valued at approximately $32,137,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. UBS Group began coverage on shares of Penske Automotive Group in a research report on Wednesday, May 27th. They issued a “neutral” rating and a $167.00 price target for the company. Citigroup upped their target price on shares of Penske Automotive Group from $193.00 to $199.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Stephens increased their price target on Penske Automotive Group from $155.00 to $160.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Finally, Morgan Stanley restated an “overweight” rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $182.62.

Insider Transactions at Penske Automotive Group

In other news, 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 transaction of $257,700.00. Following the completion of the sale, the chief financial officer directly owned 17,596 shares in the company, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of Penske Automotive Group stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The SEC filing for this sale provides additional information. Company insiders own 52.90% of the company’s stock.

Penske Automotive Group Stock Performance

NYSE:PAG opened at $179.54 on Friday. The firm’s fifty day simple moving average is $171.57 and its 200-day simple moving average is $163.38. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. The stock has a market cap of $11.80 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 2.32 and a beta of 0.87. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $189.51.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.91 by $0.14. The firm had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $3.66 earnings per share. 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 business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th were issued a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.2%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Tuesday, May 26th. Penske Automotive Group’s dividend payout ratio is 42.39%.

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.