Legal & General Group Plc Has $5.42 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Legal & General Group Plc lowered its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 12.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,544 shares of the company's stock after selling 5,078 shares during the quarter. Legal & General Group Plc owned about 0.05% of Penske Automotive Group worth $5,418,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Penske Automotive Group in the fourth quarter valued at about $22,049,000. Moran Wealth Management LLC bought a new position in shares of Penske Automotive Group in the fourth quarter worth about $14,157,000. Bank of New York Mellon Corp lifted its position in shares of Penske Automotive Group by 24.4% during the fourth 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. American Century Companies Inc. grew its stake in shares of Penske Automotive Group by 17.4% during the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock valued at $39,560,000 after purchasing an additional 38,388 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Penske Automotive Group by 174.9% during the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock valued at $6,250,000 after purchasing an additional 26,085 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Trading Down 1.7 %

NYSE PAG traded down $2.67 on Friday, reaching $155.45. The company had a trading volume of 19,071 shares, compared to its average volume of 194,906. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12. The stock's 50 day moving average is $155.05 and its 200-day moving average is $158.04. 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 stock has a market cap of $10.38 billion, a price-to-earnings ratio of 11.29 and a beta of 1.03.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results 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 net margin of 3.02% and a return on equity of 18.05%. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.56 billion. Equities analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a $1.22 dividend. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 3.14%. Penske Automotive Group's payout ratio is 35.49%.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the business'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 directly owns 28,917 shares of the company's stock, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Barr sold 1,529 shares of the 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. 51.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PAG shares. JPMorgan Chase & Co. reduced their price objective 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 price target on shares of Penske Automotive Group in a research note on Tuesday, February 18th. StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, Citigroup started coverage on Penske Automotive Group in a report on Wednesday. They set a "buy" rating and a $185.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $170.00.

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.