Versor Investments LP Sells 1,713 Shares of Penske Automotive Group, Inc. $PAG

Versor Investments LP decreased its position in Penske Automotive Group, Inc. (NYSE:PAG) by 37.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,893 shares of the company’s stock after selling 1,713 shares during the quarter. Versor Investments LP’s holdings in Penske Automotive Group were worth $417,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PAG. UMB Bank n.a. lifted its holdings in Penske Automotive Group by 421.5% in the 1st quarter. UMB Bank n.a. now owns 339 shares of the company’s stock worth $49,000 after purchasing an additional 274 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock worth $57,000 after purchasing an additional 136 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company’s stock worth $76,000 after purchasing an additional 125 shares during the last quarter. TD Waterhouse Canada Inc. lifted its holdings in Penske Automotive Group by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company’s stock worth $81,000 after purchasing an additional 158 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Penske Automotive Group in the 4th quarter worth approximately $105,000. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.9%

Shares of PAG stock opened at $182.1870 on Thursday. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $186.55. The firm has a market cap of $12.03 billion, a PE ratio of 12.68 and a beta of 0.87. The stock has a 50 day moving average of $175.18 and a 200-day moving average of $164.57. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.22. The business had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.Penske Automotive Group’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $3.61 earnings per share. On average, equities analysts predict 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 will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a $1.32 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.26. This represents a $5.28 dividend on an annualized basis and a dividend yield of 2.9%. Penske Automotive Group’s dividend payout ratio is currently 36.74%.

Penske Automotive Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PAG shares. JPMorgan Chase & Co. upgraded Penske Automotive Group from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Stephens restated an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a report on Wednesday, June 11th. Citigroup boosted their target price on Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Wall Street Zen upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 23rd. Finally, Bank of America boosted their target price on Penske Automotive Group from $190.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, June 16th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Penske Automotive Group currently has a consensus rating of “Moderate Buy” and an average price target of $181.00.

Insiders Place Their Bets

In related news, Director Lisa Ann Davis sold 1,604 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $180.74, for a total value of $289,906.96. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at approximately $276,351.46. This represents a 51.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Shane M. Spradlin sold 3,158 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the sale, the executive vice president owned 36,152 shares in the company, valued at $6,040,999.20. This trade represents a 8.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,748 shares of company stock valued at $13,748,660 in the last ninety days. 51.70% of the stock is currently owned by insiders.

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.