KLP Kapitalforvaltning AS Invests $625,000 in Penske Automotive Group, Inc. (NYSE:PAG)

KLP Kapitalforvaltning AS bought a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,100 shares of the company's stock, valued at approximately $625,000.

Other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position 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 buying an additional 51,720 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Penske Automotive Group by 17.4% during the 4th quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock valued at $39,560,000 after buying an additional 38,388 shares in the last quarter. Bruni J V & Co. Co. boosted its stake in Penske Automotive Group by 1.9% during the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company's stock worth $30,510,000 after acquiring an additional 3,738 shares in the last quarter. Horizon Kinetics Asset Management LLC grew its stake in shares of Penske Automotive Group by 0.8% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 182,966 shares of the company's stock worth $27,891,000 after buying an additional 1,486 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Penske Automotive Group by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 145,579 shares of the company's stock worth $22,192,000 after acquiring an additional 1,829 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

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Insider Transactions at Penske Automotive Group

In other news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the sale, the executive vice president now owns 28,917 shares in the company, valued at $5,003,508.51. The trade was a 23.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 52.40% of the company's stock.

Penske Automotive Group Price Performance

PAG stock traded up $0.41 during midday trading on Friday, hitting $141.53. The company's stock had a trading volume of 476,322 shares, compared to its average volume of 190,911. Penske Automotive Group, Inc. has a 12 month low of $134.06 and a 12 month high of $180.12. The company has a 50 day moving average of $160.47 and a two-hundred day moving average of $159.11. 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 firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 10.29 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The firm had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.56 billion. On average, analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were paid a $1.22 dividend. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.19. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Monday, February 24th. Penske Automotive Group's dividend payout ratio (DPR) is presently 35.49%.

Wall Street Analyst Weigh In

PAG has been the subject of several recent analyst reports. StockNews.com raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. JPMorgan Chase & Co. lowered their target price 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. Stephens reaffirmed an "equal weight" rating and set a $165.00 target price on shares of Penske Automotive Group in a report on Tuesday, February 18th. Finally, Benchmark initiated coverage on Penske Automotive Group in a research note on Thursday, December 12th. They issued a "buy" rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $166.25.

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.