Penske Automotive Group, Inc. (NYSE:PAG) EVP Shane M. Spradlin Sells 3,158 Shares

Penske Automotive Group, Inc. (NYSE:PAG) EVP Shane M. Spradlin sold 3,158 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the transaction, the executive vice president now owns 36,152 shares in the company, valued at $6,040,999.20. This represents a 8.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $165.53 on Friday. The firm’s 50 day moving average price is $159.24 and its 200-day moving average price is $159.34. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month 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 stock has a market capitalization of $10.95 billion, a PE ratio of 12.04 and a beta of 0.91.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.12. The company had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.21 EPS. Equities research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were issued a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 3.04%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio is currently 35.49%.

Penske Automotive Group announced that its board has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Penske Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealthspire Advisors LLC increased its holdings in Penske Automotive Group by 2.4% in the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company’s stock worth $417,000 after acquiring an additional 63 shares in the last quarter. Martingale Asset Management L P increased its holdings in Penske Automotive Group by 3.7% in the 1st quarter. Martingale Asset Management L P now owns 1,750 shares of the company’s stock worth $252,000 after acquiring an additional 63 shares in the last quarter. EP Wealth Advisors LLC increased its holdings in Penske Automotive Group by 2.9% in the 1st quarter. EP Wealth Advisors LLC now owns 2,478 shares of the company’s stock worth $357,000 after acquiring an additional 70 shares in the last quarter. Blue Chip Partners LLC increased its holdings in Penske Automotive Group by 0.7% in the 4th quarter. Blue Chip Partners LLC now owns 10,606 shares of the company’s stock worth $1,617,000 after acquiring an additional 73 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in Penske Automotive Group by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 4,500 shares of the company’s stock valued at $648,000 after buying an additional 100 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. Stephens reiterated an “equal weight” rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Wednesday. Citigroup increased their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus price target of $167.00.

About Penske Automotive Group

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.