Tower Research Capital LLC TRC grew its position in shares of Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 7,789.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,207 shares of the company’s stock after purchasing an additional 5,141 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Penske Automotive Group were worth $738,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in PAG. Moneta Group Investment Advisors LLC purchased a new position in shares of Penske Automotive Group during the fourth quarter worth about $260,702,000. Norges Bank purchased a new position in shares of Penske Automotive Group during the fourth quarter worth about $25,163,000. Wedge Capital Management L L P NC grew its holdings in shares of Penske Automotive Group by 11,378.8% during the first quarter. Wedge Capital Management L L P NC now owns 205,241 shares of the company’s stock worth $29,105,000 after purchasing an additional 203,453 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Penske Automotive Group by 2,465.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 205,296 shares of the company’s stock worth $21,492,000 after purchasing an additional 197,293 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Penske Automotive Group by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 663,385 shares of the company’s stock worth $62,173,000 after purchasing an additional 183,493 shares during the last quarter. Hedge funds and other institutional investors own 29.95% of the company’s stock.
Penske Automotive Group Trading Up 1.3 %
Shares of Penske Automotive Group stock opened at $170.00 on Friday. Penske Automotive Group, Inc. has a 52-week low of $94.49 and a 52-week high of $180.84. The company has a quick ratio of 0.24, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company’s 50-day simple moving average is $166.56 and its 200-day simple moving average is $149.62. The firm has a market cap of $11.44 billion, a price-to-earnings ratio of 9.69 and a beta of 1.23.
Penske Automotive Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.69%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, August 9th. Penske Automotive Group’s payout ratio is 16.42%.
Insiders Place Their Bets
In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,284 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $141.22, for a total transaction of $463,766.48. Following the transaction, the executive vice president now directly owns 40,000 shares in the company, valued at $5,648,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Penske Automotive Group news, CFO Michelle Hulgrave sold 2,000 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $145.13, for a total transaction of $290,260.00. Following the transaction, the chief financial officer now directly owns 19,834 shares in the company, valued at $2,878,508.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Shane M. Spradlin sold 3,284 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $141.22, for a total transaction of $463,766.48. Following the transaction, the executive vice president now owns 40,000 shares in the company, valued at $5,648,800. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,284 shares of company stock worth $1,244,496. 51.70% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
PAG has been the topic of several research reports. Bank of America raised their price objective on Penske Automotive Group from $175.00 to $205.00 in a report on Thursday, July 6th. JPMorgan Chase & Co. cut Penske Automotive Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $150.00 to $140.00 in a research report on Monday, July 31st. Benchmark boosted their target price on Penske Automotive Group from $175.00 to $196.00 and gave the company a “buy” rating in a report on Friday, July 28th. StockNews.com assumed coverage on Penske Automotive Group in a research note on Thursday. They set a “buy” rating for the company. Finally, Morgan Stanley boosted their price objective on shares of Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $166.60.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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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