Bank of New York Mellon Corp Increases Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of New York Mellon Corp increased its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 24.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 263,571 shares of the company's stock after purchasing an additional 51,720 shares during the period. Bank of New York Mellon Corp owned approximately 0.39% of Penske Automotive Group worth $40,179,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of 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 buying an additional 81 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Penske Automotive Group by 14,833.3% in the third quarter. True Wealth Design LLC now owns 448 shares of the company's stock worth $73,000 after purchasing an additional 445 shares during the last quarter. Transamerica Financial Advisors Inc. raised its stake in shares of Penske Automotive Group by 45,300.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company's stock worth $74,000 after purchasing an additional 453 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Penske Automotive Group during the third quarter valued at $94,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Penske Automotive Group during the third quarter valued at $112,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

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Penske Automotive Group Stock Performance

PAG stock traded down $1.45 during midday trading on Monday, reaching $167.75. 252,197 shares of the company's stock traded hands, compared to its average volume of 175,838. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $180.12. The stock has a market cap of $11.20 billion, a P/E ratio of 12.20 and a beta of 1.24. The stock's 50-day moving average is $162.77 and its 200 day moving average is $160.73.

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 (EPS) for the quarter, beating analysts' consensus estimates of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The firm had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.56 billion. As a group, analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders 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 dividend yield of 2.91%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio (DPR) is 35.49%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Stephens restated an "equal weight" rating and set a $165.00 target price on shares of Penske Automotive Group in a research note on Tuesday, February 18th. StockNews.com upgraded shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Benchmark assumed coverage on shares of Penske Automotive Group in a research report on Thursday, December 12th. They issued a "buy" rating for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of 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 issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $172.50.

Insider Activity

In other news, EVP Claude H. Denker III sold 8,746 shares of the firm's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the sale, the executive vice president now directly owns 28,917 shares in the company, valued at $5,003,508.51. This trade represents a 23.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 51.70% of the company's stock.

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.