LPL Financial LLC Purchases 3,124 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

LPL Financial LLC boosted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 48.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,638 shares of the company's stock after acquiring an additional 3,124 shares during the quarter. LPL Financial LLC's holdings in Penske Automotive Group were worth $1,469,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PAG. Moran Wealth Management LLC bought a new stake in Penske Automotive Group during the 4th quarter worth about $14,157,000. Bank of New York Mellon Corp lifted its position in Penske Automotive Group by 24.4% during 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 purchasing an additional 51,720 shares during the period. American Century Companies Inc. lifted its position in Penske Automotive Group by 17.4% during the 4th 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 period. Victory Capital Management Inc. lifted its position in Penske Automotive Group by 174.9% during the 4th 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 period. Finally, Proficio Capital Partners LLC acquired a new position in Penske Automotive Group during the 4th quarter valued at about $3,765,000. Institutional investors own 77.08% of the company's stock.

Insider Buying and Selling

In other news, Director John Barr sold 1,529 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the transaction, the executive vice president now owns 28,917 shares of the company's stock, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Up 3.5 %

PAG traded up $5.44 during trading on Wednesday, reaching $160.15. The company had a trading volume of 23,672 shares, compared to its average volume of 240,034. The business's fifty day moving average price is $155.86 and its 200 day moving average price is $158.08. 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 12 month low of $134.05 and a 12 month high of $180.12. The company has a market cap of $10.69 billion, a P/E ratio of 11.65 and a beta of 1.03.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $3.37 by $0.17. The firm had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. Equities analysts anticipate 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. Investors of record on Monday, February 24th were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, February 24th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. This represents a $4.88 dividend on an annualized basis and a yield of 3.05%. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Analysts Set New Price Targets

PAG has been the topic of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of 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. Citigroup began coverage on shares of Penske Automotive Group in a research report on Wednesday. They set a "buy" rating and a $185.00 target price on the stock. StockNews.com downgraded shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a research report on Monday, April 7th. Finally, Stephens reiterated an "equal weight" rating and issued a $165.00 price target on shares of Penske Automotive Group in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $170.00.

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.