Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC decreased its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 2.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,016 shares of the company’s stock after selling 215 shares during the quarter. Corient Private Wealth LLC’s holdings in Penske Automotive Group were worth $1,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moran Wealth Management LLC acquired a new stake in Penske Automotive Group in the fourth quarter worth about $14,157,000. Bank of New York Mellon Corp boosted its stake in Penske Automotive Group by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after purchasing an additional 51,720 shares in the last quarter. Victory Capital Management Inc. grew its position in Penske Automotive Group by 174.9% during the 4th quarter. Victory Capital Management Inc. now owns 40,998 shares of the company’s stock worth $6,250,000 after purchasing an additional 26,085 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Penske Automotive Group during the 4th quarter valued at approximately $3,765,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Penske Automotive Group in the fourth quarter worth $3,018,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Down 0.3 %

Shares of PAG opened at $153.82 on Wednesday. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of 11.19 and a beta of 1.24. Penske Automotive Group, Inc. has a 52 week low of $142.32 and a 52 week high of $180.12. The stock’s 50-day moving average price is $163.07 and its 200-day moving average price is $159.64. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, February 13th. The company reported $3.54 EPS for the quarter, topping the consensus estimate of $3.37 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analyst estimates 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 predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 3.17%. The ex-dividend date was Monday, February 24th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s dividend payout ratio (DPR) is currently 35.49%.

Analyst Ratings Changes

Several research firms recently issued reports on PAG. Benchmark began coverage on Penske Automotive Group in a research report on Thursday, December 12th. They issued a “buy” rating on the stock. Stephens restated an “equal weight” rating and issued a $165.00 price objective on shares of Penske Automotive Group in a research note on Tuesday, February 18th. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $160.00 to $165.00 and gave the company an “underweight” rating in a research report on Wednesday, February 19th. Finally, StockNews.com raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $172.50.

Insider Buying and Selling at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of the company’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 transaction, the executive vice president now owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. 51.70% of the stock is owned by corporate insiders.

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.