Voloridge Investment Management LLC Grows Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Voloridge Investment Management LLC boosted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,023 shares of the company’s stock after acquiring an additional 5,669 shares during the period. Voloridge Investment Management LLC owned about 0.20% of Penske Automotive Group worth $20,430,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Penske Automotive Group in the fourth quarter valued at $40,000. Headlands Technologies LLC purchased a new stake in shares of Penske Automotive Group in the fourth quarter valued at $76,000. TD Waterhouse Canada Inc. lifted its position in shares of Penske Automotive Group by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company’s stock valued at $81,000 after acquiring an additional 158 shares in the last quarter. State of Wyoming purchased a new stake in shares of Penske Automotive Group in the fourth quarter valued at $105,000. Finally, KBC Group NV lifted its position in shares of Penske Automotive Group by 33.5% in the fourth quarter. KBC Group NV now owns 749 shares of the company’s stock valued at $114,000 after acquiring an additional 188 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insider Transactions at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 51.70% of the company’s stock.

Penske Automotive Group Stock Up 0.3%

PAG opened at $162.69 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 11.83 and a beta of 0.90. The business has a 50-day moving average of $153.54 and a two-hundred day moving average of $159.00. 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 released its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.12. The business 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 business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.21 EPS. On average, research analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group declared that its board has approved a stock buyback plan on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be issued a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.10%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio is presently 35.49%.

Analyst Ratings Changes

Several analysts have recently issued reports on PAG shares. Wall Street Zen upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 23rd. Stephens restated an “equal weight” rating and set a $140.00 target price on shares of Penske Automotive Group in a research report on Monday, May 5th. JPMorgan Chase & Co. decreased their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, March 27th. Finally, Citigroup raised their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Penske Automotive Group 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.