Canada Pension Plan Investment Board Buys 800 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Canada Pension Plan Investment Board grew its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 72.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,900 shares of the company’s stock after purchasing an additional 800 shares during the period. Canada Pension Plan Investment Board’s holdings in Penske Automotive Group were worth $290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stifel Financial Corp lifted its stake in Penske Automotive Group by 39.1% in the third quarter. Stifel Financial Corp now owns 2,986 shares of the company’s stock worth $485,000 after purchasing an additional 839 shares during the last quarter. Virtu Financial LLC purchased a new position in Penske Automotive Group during the 3rd quarter valued at $284,000. Sanctuary Advisors LLC purchased a new position in Penske Automotive Group during the 3rd quarter valued at $415,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Penske Automotive Group during the third quarter worth $94,000. Finally, Tidal Investments LLC boosted its stake in shares of Penske Automotive Group by 5.1% during the third quarter. Tidal Investments LLC now owns 1,830 shares of the company’s stock valued at $297,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $157.58 on Friday. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 11.46 and a beta of 1.03. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $180.12. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $154.45 and its 200 day moving average is $158.07.

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

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 3.10%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group’s dividend payout ratio is presently 35.49%.

Insider Activity

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $173.03, for a total value of $1,513,320.38. Following the completion of the sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Barr sold 1,529 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. Company insiders own 51.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PAG shares. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday. Stephens reiterated an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a report on Tuesday, February 18th. JPMorgan Chase & Co. reduced their price objective on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a report on Thursday, March 27th. Finally, Citigroup initiated coverage on Penske Automotive Group in a report on Wednesday. They issued a “buy” rating and a $185.00 target price for the company. One equities 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.00.

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.