D. E. Shaw & Co. Inc. Decreases Stake in Penske Automotive Group, Inc. (NYSE:PAG)

D. E. Shaw & Co. Inc. lowered its position in Penske Automotive Group, Inc. (NYSE:PAG) by 22.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 31,959 shares of the company’s stock after selling 9,413 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Penske Automotive Group were worth $4,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Highland Capital Management LLC acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth $240,000. Blue Trust Inc. increased 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 worth $198,000 after acquiring an additional 269 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth $287,000. Bank of Montreal Can increased its stake in shares of Penske Automotive Group by 6.4% in the 4th quarter. Bank of Montreal Can now owns 2,651 shares of the company’s stock worth $404,000 after acquiring an additional 160 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Penske Automotive Group by 4.7% in the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company’s stock worth $8,241,000 after acquiring an additional 2,446 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PAG. Citigroup began coverage on Penske Automotive Group in a research note on Wednesday, April 23rd. They issued a “buy” rating and a $185.00 target price for the company. JPMorgan Chase & Co. cut their target price on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research note on Thursday, March 27th. Stephens reaffirmed an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Monday, May 5th. Finally, StockNews.com raised Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus target price of $165.00.

Penske Automotive Group Stock Up 0.3%

Shares of NYSE:PAG opened at $166.32 on Friday. The business has a 50-day moving average price of $152.47 and a 200 day moving average price of $158.68. 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 has a market capitalization of $11.00 billion, a price-to-earnings ratio of 12.10 and a beta of 0.90. 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, topping analysts’ consensus estimates of $3.27 by $0.12. The firm had revenue of $7.60 billion during 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%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned $3.21 EPS. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be given a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.03%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date is Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 35.49%.

Penske Automotive Group declared that its board has authorized a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 51.70% of the stock is currently owned by corporate insiders.

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.