Bahl & Gaynor Inc. Buys 9,512 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Bahl & Gaynor Inc. increased its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 13.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,535 shares of the company's stock after buying an additional 9,512 shares during the period. Bahl & Gaynor Inc. owned 0.12% of Penske Automotive Group worth $12,582,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PAG. GAMMA Investing LLC raised its position in Penske Automotive Group by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company's stock valued at $40,000 after purchasing an additional 81 shares during the period. True Wealth Design LLC raised its position in Penske Automotive Group by 14,833.3% during the third quarter. True Wealth Design LLC now owns 448 shares of the company's stock valued at $73,000 after purchasing an additional 445 shares during the period. Transamerica Financial Advisors Inc. raised its position in Penske Automotive Group by 45,300.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company's stock valued at $74,000 after purchasing an additional 453 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Penske Automotive Group during the third quarter valued at approximately $94,000. Finally, Capital Performance Advisors LLP purchased a new stake in Penske Automotive Group during the third quarter valued at approximately $112,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Trading Up 1.3 %

Shares of PAG traded up $2.18 during mid-day trading on Friday, reaching $168.98. 247,394 shares of the company's stock traded hands, compared to its average volume of 175,490. The stock has a market cap of $11.28 billion, a P/E ratio of 12.29 and a beta of 1.24. The stock's 50-day moving average is $162.77 and its two-hundred day moving average is $160.80. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $180.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

Remove Ads

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $7.72 billion for the quarter, compared to analysts' expectations of $7.56 billion. Research analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were paid a $1.22 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.88 annualized dividend and a yield of 2.89%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio is 35.49%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PAG. Stephens restated an "equal weight" rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Benchmark started coverage on Penske Automotive Group in a research note on Thursday, December 12th. They set a "buy" rating on the stock. Finally, 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 note on Wednesday, February 19th. One 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $172.50.

Insider Buying and Selling

In related news, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now owns 28,917 shares of the company's stock, valued at $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 51.70% of the stock is owned by 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.