Cerity Partners LLC Has $1.76 Million Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Cerity Partners LLC cut its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,443 shares of the company's stock after selling 1,890 shares during the period. Cerity Partners LLC's holdings in Penske Automotive Group were worth $1,755,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have 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 worth $40,000 after purchasing an additional 81 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Penske Automotive Group during the 4th quarter worth about $40,000. Headlands Technologies LLC bought a new stake in Penske Automotive Group during the 4th quarter worth about $76,000. Wilmington Savings Fund Society FSB acquired a new stake in Penske Automotive Group in the 3rd quarter valued at about $94,000. Finally, KBC Group NV raised its stake in shares of Penske Automotive Group by 33.5% in the fourth quarter. KBC Group NV now owns 749 shares of the company's stock worth $114,000 after acquiring an additional 188 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Claude H. Denker III sold 8,746 shares of the business's stock in a transaction 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. The trade was a 23.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Barr sold 1,529 shares of the firm's stock in a transaction on 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 currently owned by company insiders.

Penske Automotive Group Trading Up 2.5 %

PAG stock traded up $3.82 during midday trading on Tuesday, reaching $154.76. The company's stock had a trading volume of 268,763 shares, compared to its average volume of 195,109. The business's 50-day simple moving average is $155.86 and its 200-day simple moving average is $158.08. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12. The stock has a market cap of $10.33 billion, a PE ratio of 11.26 and a beta of 1.03.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. As a group, sell-side analysts expect 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. Stockholders of record on Monday, February 24th were given a dividend of $1.22 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group's payout ratio is presently 35.49%.

Analyst Ratings Changes

Several analysts have recently commented on PAG shares. StockNews.com cut shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Monday, April 7th. JPMorgan Chase & Co. decreased 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, March 27th. Finally, Stephens restated an "equal weight" rating and set a $165.00 target price on shares of Penske Automotive Group in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $166.25.

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.