Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by American Century Companies Inc.

American Century Companies Inc. trimmed its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 5.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,706 shares of the company's stock after selling 16,809 shares during the quarter. American Century Companies Inc. owned 0.46% of Penske Automotive Group worth $46,003,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. AGF Management Ltd. raised its holdings in shares of Penske Automotive Group by 17.6% during the 2nd quarter. AGF Management Ltd. now owns 17,976 shares of the company's stock valued at $2,679,000 after buying an additional 2,684 shares during the period. Texas Permanent School Fund Corp raised its holdings in shares of Penske Automotive Group by 88.8% during the 2nd quarter. Texas Permanent School Fund Corp now owns 32,210 shares of the company's stock valued at $4,800,000 after buying an additional 15,151 shares during the period. Quest Partners LLC raised its holdings in shares of Penske Automotive Group by 5.1% during the 2nd quarter. Quest Partners LLC now owns 16,116 shares of the company's stock valued at $2,402,000 after buying an additional 775 shares during the period. Savant Capital LLC raised its holdings in shares of Penske Automotive Group by 232.2% during the 2nd quarter. Savant Capital LLC now owns 5,182 shares of the company's stock valued at $772,000 after buying an additional 3,622 shares during the period. Finally, Howard Capital Management Inc. acquired a new stake in Penske Automotive Group during the 2nd quarter valued at approximately $367,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAG has been the topic of a number of recent analyst reports. Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an "underweight" rating in a research report on Tuesday, September 10th. Finally, Bank of America lifted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $162.40.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock traded up $1.50 during trading on Tuesday, hitting $157.61. 163,921 shares of the stock were exchanged, compared to its average volume of 192,046. The stock has a market cap of $10.54 billion, a PE ratio of 10.96 and a beta of 1.16. The stock's fifty day moving average is $161.10 and its 200 day moving average is $155.41. Penske Automotive Group, Inc. has a 12 month low of $137.95 and a 12 month high of $179.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, beating the consensus estimate of $3.39 by $0.22. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. Penske Automotive Group's revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.41 earnings per share. As a group, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.79 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $4.28 annualized dividend and a yield of 2.72%. This is an increase from Penske Automotive Group's previous quarterly dividend of $0.96. Penske Automotive Group's payout ratio is presently 29.76%.

Insiders Place Their Bets

In related news, Director John Barr sold 716 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 51.70% of the stock is currently 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.