HighTower Advisors LLC Increases Position in Penske Automotive Group, Inc. (NYSE:PAG)

HighTower Advisors LLC increased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 43.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,198 shares of the company's stock after buying an additional 1,880 shares during the period. HighTower Advisors LLC's holdings in Penske Automotive Group were worth $945,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PAG. Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $40,179,000 after buying an additional 51,720 shares during the period. Bruni J V & Co. Co. increased its holdings in shares of Penske Automotive Group by 1.9% in the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company's stock valued at $30,510,000 after purchasing an additional 3,738 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 valued at $22,192,000 after purchasing an additional 1,829 shares during the period. Moran Wealth Management LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth about $14,157,000. Finally, Bahl & Gaynor Inc. grew its stake in Penske Automotive Group by 13.0% in the 4th quarter. Bahl & Gaynor Inc. now owns 82,535 shares of the company's stock valued at $12,582,000 after buying an additional 9,512 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

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 shares were 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 $5,003,508.51. This 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 link. Also, Director John Barr sold 1,529 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was 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. Corporate insiders own 51.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PAG shares. Stephens reaffirmed an "equal weight" rating and issued a $165.00 target price on shares of Penske Automotive Group in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lowered their price objective on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday. Benchmark started coverage on shares of Penske Automotive Group in a research report on Thursday, December 12th. They issued a "buy" rating for the company. 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 equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Penske Automotive Group presently has an average rating of "Moderate Buy" and a consensus price target of $166.25.

Penske Automotive Group Price Performance

Shares of NYSE PAG traded down $3.47 during mid-day trading on Friday, reaching $140.99. The company had a trading volume of 434,591 shares, compared to its average volume of 186,698. Penske Automotive Group, Inc. has a one year low of $139.56 and a one year high of $180.12. The business's 50-day simple moving average is $162.15 and its 200 day simple moving average is $159.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The firm has a market cap of $9.41 billion, a price-to-earnings ratio of 10.25 and a beta of 1.24.

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

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, February 24th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.

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.