Norges Bank Invests $22.05 Million in Penske Automotive Group, Inc. (NYSE:PAG)

Norges Bank bought a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 144,643 shares of the company's stock, valued at approximately $22,049,000. Norges Bank owned about 0.22% of Penske Automotive Group as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PAG. Wealthspire Advisors LLC increased its position in shares of Penske Automotive Group by 2.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company's stock valued at $417,000 after purchasing an additional 63 shares during the last quarter. Blue Chip Partners LLC raised its stake in shares of Penske Automotive Group by 0.7% during the fourth quarter. Blue Chip Partners LLC now owns 10,606 shares of the company's stock worth $1,617,000 after acquiring an additional 73 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Penske Automotive Group by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 262 shares of the company's stock worth $40,000 after acquiring an additional 81 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Penske Automotive Group by 0.5% in the 3rd quarter. Quantinno Capital Management LP now owns 16,648 shares of the company's stock worth $2,704,000 after acquiring an additional 82 shares during the last quarter. Finally, Tidal Investments LLC lifted its stake in Penske Automotive Group by 5.1% in the third quarter. Tidal Investments LLC now owns 1,830 shares of the company's stock worth $297,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. StockNews.com lowered Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Monday. Stephens reaffirmed 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. Benchmark initiated coverage on Penske Automotive Group in a research report on Thursday, December 12th. They issued a "buy" rating for the company. Finally, JPMorgan Chase & Co. lowered their target price on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $166.25.

Penske Automotive Group Stock Up 1.9 %

NYSE:PAG traded up $2.85 during mid-day trading on Friday, hitting $151.67. 363,015 shares of the company's stock were exchanged, compared to its average volume of 195,758. The company has a market cap of $10.12 billion, a PE ratio of 11.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $180.12. The business has a fifty day moving average price of $158.09 and a 200 day moving average price of $158.54.

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

Penske Automotive Group Increases Dividend

The business 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 annualized dividend and a yield of 3.22%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. Penske Automotive Group's payout ratio is 35.49%.

Insider Transactions at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of the company's 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 directly owns 28,917 shares of the company's stock, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Barr sold 1,529 shares of the stock in a transaction on Thursday, March 13th. The shares were 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. 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.